(a) Any eligible donor who makes a qualified donation of donated property for use as a greenway trail may apply for a grant pursuant to this section. Any eligible donor who elects not to apply for a grant pursuant to this section is free to enter into any other arrangement available to the eligible donor under law or contract in lieu of a grant pursuant to this section.
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Terms Used In Alabama Code 41-10-865

  • Contract: A legal written agreement that becomes binding when signed.
  • Donor: The person who makes a gift.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • property: includes both real and personal property. See Alabama Code 1-1-1
(b)

(1) An eligible donor shall be eligible to apply for a grant for each qualified donation under this act.
(2) The grant shall be equal to 25 percent of the fair market value of the donated real property, but shall not exceed two hundred fifty thousand dollars ($250,000).
(c) Grants approved pursuant to this section shall be paid using monies from the acquisition fund.
(d) At the end of each fiscal year, any monies remaining in the acquisition fund shall be transferred to the project fund.
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