North Carolina SB 424: T/C: Megasites Funding Uses.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 424

Short Title: T/C: Megasites Funding Uses. (Public)
Sponsors: Senator Smith (Primary Sponsor).
Referred to: Rules and Operations of the Senate
March 25, 2025
*S424-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO BROADEN THE USES FOR MEGASITE FUNDING. 2
The General Assembly of North Carolina enacts: 3
SECTION 1. Section 11.11(d) of S.L. 2022-74 reads as rewritten: 4
"SECTION 11.11.(d) Allocation. – EDPNC shall allocate monies in the Fund on the 5
following basis: 6
(1) The first one million dollars ($1,000,000) appropriated to the Fund for 7
engaging a national site selection firm through a competitive bid process to 8
produce a report evaluating sites in the State and determining the five 9
megasites best positioned for advanced manufacturing site selection searches 10
conducted by major employers. 11
(2) All other funds appropriated to the Fund for local government grants for the 12
acquisition of megasites determined pursuant to subdivision (1) of this 13
subsection. purposes described in subsection (a) of this section. A grant for 14
the acquisition of a megasite is limited to eighty-five percent (85%) of the 15
lesser of the property's purchase price or tax value. The percentage actually 16
provided in the grant shall be determined by EDPNC based on total 17
development needs for the megasite, prior investment in the megasite by one 18
or more local governments, the ability of one or more local governments to 19
invest in the megasite, and the ability and level of participation promised by 20
the local government in exchange for a grant from the Fund. Monies may only 21
be granted for, and used to acquire, a megasite for which (i) one or more local 22
governments have a binding option or offer to purchase and (ii) all basic due 23
diligence must be complete, including, but not limited to, boundary surveys, 24
title searches, State Historic Preservation Office reviews, and wetlands 25
delineation." 26
SECTION 2. This act is effective when it becomes law. 27