GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION
CHAPTER 444
The General Assembly of North Carolina enacts:
Section 1. G.S. 143B-437A(a) reads as rewritten:
"(a) There is created in
the Department of Commerce the Industrial Development Fund to provide funds to
assist the local government units of the most economically depressed counties
in the State in creating jobs. jobs in qualified industries. As
used in this section, the term 'qualified industry' means the
manufacturing of goods or the processing of foods, raw materials, chemicals and
process agents, goods in process, or finished products. The
Department of Commerce shall adopt rules providing for the administration of
the program. Those rules shall include the following:
(1) The funds shall be
used for (i) installation of or purchases of manufacturing equipment for
qualified industries, or process productions equipment, (ii)
structural repairs, improvements, or renovations of existing buildings to be
used for manufacturing and industrial expansion, expansion of
qualified industries, (iii) construction of or improvements to new or existing
water, sewer, gas, or electrical utility distribution lines or equipment for
existing industrial buildings to be used for manufacturing and qualified
industrial operations, or (iv) in the case of counties designated as
severely distressed counties under G.S. 105-130.40(c) or G.S. 105-151.17(c) or
units of local government within those counties, construction of or improvement
to new or existing water, sewer, gas, or electrical utility distribution lines
or equipment to serve new or proposed industrial buildings to be used for manufacturing
and qualified industrial operations. To be eligible for
funding, the water, sewer, gas, or electrical utility lines or facilities shall
be located on the site of the building or, if not located on the site, shall be
directly related to the operation of the specific manufacturing qualified
industrial activity. However, the Secretary of Commerce may use up to
one hundred thousand dollars ($100,000) to provide emergency economic
development assistance in any county which is documented to be experiencing a
major economic dislocation.
(2) The funds shall be
used by the city and county governments for projects that will directly result
in the creation of new jobs. The funds shall be expended at a rate of one
thousand two hundred dollars ($1,200) two thousand four hundred dollars
($2,400) per new job created up to a maximum of two hundred fifty thousand
dollars ($250,000) per project."
Sec. 2. This act becomes effective July 1, 1993.
In the General Assembly read three times and ratified this the 22nd day of July, 1993.
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Dennis A. Wicker
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives