North Carolina SB 708: Local Economic Development.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION

CHAPTER 42
SENATE BILL 708

AN ACT TO ALLOW BURKE, HARNETT, LEE, MCDOWELL, MADISON, NASH,
POLK, SAMPSON, AND YANCEY COUNTIES AND THE CITIES OF ANGIER,
BROADWAY, BURNSVILLE, CLINTON, COATS, CONNELLY SPRINGS,
DREXEL, DUNN, ERWIN, GLEN ALPINE, HILDEBRAN, HOT SPRINGS,
LILLINGTON, MARION, MARS HILL, MARSHALL, MONROE,
MORGANTON, OLD FORT, RHODHISS, ROCKY MOUNT, SANFORD AND
VALDESE TO TAKE INTO CONSIDERATION PROSPECTIVE REVENUES
GENERATED BY A DEVELOPMENT IN ARRIVING AT THE AMOUNT OF
CONSIDERATION FOR AN ECONOMIC DEVELOPMENT CONVEYANCE.

The General Assembly of North Carolina enacts:

Section 1. G.S. 158-7.1(d1) reads as rewritten:
"(d1) In arriving at the amount of consideration that it receives, the Board may take
into account prospective tax revenues from improvements to be constructed on the
property, prospective sales tax revenues to be generated in the area, as well as any other
prospective tax revenues or income coming to the county or city over the next 10 years
as a result of the conveyance or lease provided the following conditions are met:
(1) The governing board of the county or city shall determine that the
conveyance of the property will stimulate the local economy, promote
business, and result in the creation of a substantial number of jobs in
the county or city.
(2) The governing board of the county or city shall contractually bind the
purchaser of the property to construct improvements on the property
within a specified period of time, not to exceed 10 years, which
improvements are sufficient to generate the tax revenue taken into
account in arriving at the consideration. Upon failure to construct the
improvements specified in the contract, the purchaser shall reconvey
the property back to the county or city.
This subsection applies to the Cities of Angier, Broadway, Burnsville, Clinton,
Coats, Concord, Connelly Springs, Conover, Drexel, Dunn, Erwin, Glen Alpine,
Hildebran, Hot Springs, Kannapolis, Lillington, Marion, Mars Hill, Marshall, Monroe,
Mooresville, Morganton, Mount Airy, Old Fort, Rhodhiss, Rocky Mount, St. Pauls,
Sanford, Selma, Smithfield, Statesville, Troutman, Valdese, and Winston-Salem, and
the Counties of Ashe, Burke, Cabarrus, Forsyth, Franklin, Harnett, Iredell, and
Johnston. Johnston, Lee, McDowell, Madison, Nash, Polk, Sampson, and Yancey."
Sec. 2. This act is effective upon ratification.

Page 2 S.L. 1993-42 Senate Bill 708
In the General Assembly read three times and ratified this the 12th day of
May, 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