(a) Upon receipt of funding provided by the tax credit process in Section 40-18-417.4, the economic development organization shall proceed with the work that was specified in the application required by Section 40-18-417.2.
(b)(1) As to a project described in subdivision (a)(1) of Section 40-18-417.2, the economic development organization shall report to the Department of Commerce upon the completion of the site preparation or public infrastructure work, upon the transfer of the site to an industry or business, and at other times as may be required or requested by the Department of Commerce.
(2) As to a project described in subdivision (a)(2) of Section 40-18-417.2, the economic development organization shall report to the Department of Commerce upon the completion of the work and at such times as may be required or requested by the Department of Commerce.
(c) The Department of Commerce shall make an annual report on the use of funds pursuant to Act 2021-2 to the Chair of the House Ways and Means Education Committee, the Chair of the Senate Finance and Taxation Education Committee, and the members of the Joint Legislative Advisory Committee on Economic Incentives established by Section 40-18-379, at the times, and in the manner, requested by the committee.