State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_143B > GS_143B-437_56

§ 143B‑437.56. Calculation of minimum and maximum grants; factors considered.

(a)        Subject to thelimitations of subsection (d) of this section, the amount of the grant awardedin each case shall be a percentage of the withholdings of eligible positions. Thepercentage shall be no less than ten percent (10%) and no more than seventy‑fivepercent (75%) of the withholdings of the eligible positions for a period ofyears. The percentage used to determine the amount of the grant shall be basedon criteria developed by the Committee, in consultation with the AttorneyGeneral, after considering at least the following:

(1)        The number ofeligible positions to be created.

(2)        The expectedduration of those positions.

(3)        The type ofcontribution the business can make to the long‑term growth of the State'seconomy.

(4)        The amount of otherfinancial assistance the project will receive from the State or localgovernments.

(5)        The total dollarinvestment the business is making in the project.

(6)        Whether the projectutilizes existing infrastructure and resources in the community.

(7)        Whether the projectis located in a development zone.

(8)        The number ofeligible positions that would be filled by residents of a development zone.

(9)        The extent to whichthe project will mitigate unemployment in the State and locality.

(b)        The term of thegrant shall not exceed 12 years starting with the first year a grant payment ismade. The first grant payment must be made within six years after the date onwhich the grant was awarded. The number of years in the base period for whichgrant payments may be made shall not exceed five years.

(c)        The grant may bebased only on eligible positions created during the base period.

(d)        For any eligibleposition that is located in a development tier three area, seventy‑fivepercent (75%) of the annual grant approved for disbursement shall be payable tothe business, and twenty‑five percent (25%) shall be payable to theUtility Account pursuant to G.S. 143B‑437.61. For any eligible positionthat is located in a development tier two area, eighty‑five percent (85%)of the annual grant approved for disbursement shall be payable to the business,and fifteen percent (15%) shall be payable to the Utility Account pursuant toG.S. 143B‑437.61. A position is located in the development tier area thathas been assigned to the county in which the project is located at the time theapplication is filed with the Committee.

(e)        A business that isreceiving any other grant by operation of State law may not receive an amountas a grant pursuant to this Part that, when combined with any other grants,exceeds seventy‑five percent (75%) of the withholdings of the business,unless the Committee makes an explicit finding that the additional grant isnecessary to secure the project.

(f)         The amount of agrant associated with any specific eligible position, including any amounttransferred to the Utility Account pursuant to G.S. 143B‑437.61, may notexceed six thousand five hundred dollars ($6,500) in any year. (2002‑172, s. 2.1(a);2003‑416, s. 2; 2003‑435, 2nd Ex. Sess., s. 2.5; 2006‑168, s.1.5; 2006‑252, s. 2.9(a), (b); 2006‑264, s. 69(d).)