HB 552 establishes the Agricultural Manufacturing Investment Grant Account within North Carolina's One North Carolina Fund, allocating up to $5 million for new economic development incentives. This account provides competitive grants to eligible agricultural manufacturers in the state. The Department of Commerce will administer these grants, prioritizing projects in less developed areas, those using advanced agricultural technologies, or those with significant research and development. To qualify, recipients must commit to investing at least $5 million of private funds, employ a minimum of 25 full-time employees, and meet specific wage requirements. Grants are capped at $100,000 annually per recipient for up to five years.
HB 616 modifies the North Carolina Selectsite Readiness Program by establishing a competitive grant program and creating the North Carolina Selectsite Fund. It appropriates $10 million for the 2024-2025 fiscal year and transfers unspent funds to this new fund. The program, administered by the Economic Development Partnership of North Carolina (EDPNC), provides grants to local governments or partnerships. These grants support the acquisition, due diligence, infrastructure development, and on-site preparation of industrial sites under 1,000 acres, aiming to attract major manufacturing opportunities to the state.
Tags
Economic Development
SB 424 broadens how North Carolina can use its megasite funding by expanding eligibility for grants to local governments. It allows the state economic development agency to provide grants covering up to 85% of a megasite's purchase price or tax value (whichever is lower) for acquiring land. To qualify, sites must have binding purchase options, completed due diligence (including surveys and environmental reviews), and local governments must demonstrate their financial commitment. This directly affects local governments seeking to develop industrial sites for major employers in advanced manufacturing.
SB 473 creates the Capital for Communities Special Fund, a dedicated state fund that will receive 3.5% of certain investment earnings (when quarterly returns exceed 7%) from state funds managed by the Treasurer. The fund will provide grants for economic development projects in North Carolina, specifically targeting affordable housing, childcare centers, healthcare facilities addressing shortages, medical research, workforce development, living-wage jobs, and nonprofit education facilities. These grants must directly support community-based initiatives meeting the specified criteria. The bill establishes clear eligibility rules for fund usage but does not detail application processes or allocation priorities.
HB 604 creates two grant programs to support economic development: the Rural Community Development Grant Program and the Downtown Revitalization Grant Program. Both programs allocate $40 million each from the state budget for 2025-2026, providing grants to local governments (counties and municipalities) to fund projects that improve community amenities like grocery stores, childcare, parks, or downtown infrastructure. Grants require a 1:1 local match, max $2 million per award, and must align with comprehensive plans for revitalization or community growth. The programs aim to reverse rural depopulation, attract business investment, and enhance downtown livability through targeted, competitive funding.
SB 695, titled "Incent Development Finance District Funding," was introduced in 2025 but withdrawn from committee on April 28, 2025, without advancing further. The bill's title suggests it aimed to establish incentives for funding Development Finance Districts (DFDs), which are designated areas where local governments use special tax mechanisms to finance public improvements. However, no specific policy provisions or affected entities are described in the provided context, as the bill was withdrawn before committee action. Since it did not pass committee or receive a full legislative vote, no concrete policy changes were enacted.
