(a) Each county andcity in this State is authorized to make appropriations for the purposes ofaiding and encouraging the location of manufacturing enterprises, makingindustrial surveys and locating industrial and commercial plants in or nearsuch city or in the county; encouraging the building of railroads or otherpurposes which, in the discretion of the governing body of the city or of thecounty commissioners of the county, will increase the population, taxableproperty, agricultural industries and business prospects of any city or county.These appropriations may be funded by the levy of property taxes pursuant toG.S. 153A‑149 and 160A‑209 and by the allocation of other revenueswhose use is not otherwise restricted by law.
(b) A county or citymay undertake the following specific economic development activities. (Thislisting is not intended to limit by implication or otherwise the grant ofauthority set out in subsection (a) of this section). The activities listed inthis subsection may be funded by the levy of property taxes pursuant to G.S.153A‑149 and G.S. 160A‑209 and by the allocation of other revenueswhose use is not otherwise restricted by law.
(1) A county or city mayacquire and develop land for an industrial park, to be used for manufacturing,assembly, fabrication, processing, warehousing, research and development,office use, or similar industrial or commercial purposes. A county may acquireland anywhere in the county, including inside of cities, for an industrialpark, while a city may acquire land anywhere in the county or counties in whichit is located. A county or city may develop the land by installing utilities,drainage facilities, street and transportation facilities, street lighting, andsimilar facilities; may demolish or rehabilitate existing structures; and mayprepare the site for industrial or commercial uses. A county or city may conveyproperty located in an industrial park pursuant to subsection (d) of thissection.
(2) A county or city mayacquire, assemble, and hold for resale property that is suitable for industrialor commercial use. A county may acquire such property anywhere in the county,including inside of cities, while a city may acquire such property inside thecity or, if the property will be used by a business that will provide jobs tocity residents, anywhere in the county or counties in which it is located. Acounty or city may convey property acquired or assembled under this subdivisionpursuant to subsection (d) of this section.
(3) A county or city mayacquire options for the acquisition of property that is suitable for industrialor commercial use. The county or city may assign such an option, following suchprocedures, for such consideration, and subject to such terms and conditions asthe county or city deems desirable.
(4) A county or city mayacquire, construct, convey, or lease a building suitable for industrial orcommercial use.
(5) A county or city mayconstruct, extend or own utility facilities or may provide for or assist in theextension of utility services to be furnished to an industrial facility,whether the utility is publicly or privately owned.
(6) A county or city mayextend or may provide for or assist in the extension of water and sewer linesto industrial properties or facilities, whether the industrial property orfacility is publicly or privately owned.
(7) A county or city mayengage in site preparation for industrial properties or facilities, whether theindustrial property or facility is publicly or privately owned.
(c) Any appropriationor expenditure pursuant to subsection (b) of this section must be approved bythe county or city governing body after a public hearing. The county or cityshall publish notice of the public hearing at least 10 days before the hearingis held. If the appropriation or expenditure is for the acquisition of aninterest in real property, the notice shall describe the interest to beacquired, the proposed acquisition cost of such interest, the governing body'sintention to approve the acquisition, the source of funding for the acquisitionand such other information needed to reasonably describe the acquisition. Ifthe appropriation or expenditure is for the improvement of privately ownedproperty by site preparation or by the extension of water and sewer lines tothe property, the notice shall describe the improvements to be made, theproposed cost of making the improvements, the source of funding for theimprovements, the public benefit to be derived from making the improvements,and any other information needed to reasonably describe the improvements andtheir purpose.
(d) A county or citymay lease or convey interests in real property held or acquired pursuant tosubsection (b) of this section in accordance with the procedures of thissubsection. A county or city may convey or lease interests in property byprivate negotiation and may subject the property to such covenants, conditions,and restrictions as the county or city deems to be in the public interest ornecessary to carry out the purposes of this section. Any such conveyance orlease must be approved by the county or city governing body, after a publichearing. The county or city shall publish notice of the public hearing at least10 days before the hearing is held; the notice shall describe the interest tobe conveyed or leased, the value of the interest, the proposed considerationfor the conveyance or lease, and the governing body's intention to approve theconveyance or lease. Before such an interest may be conveyed, the county orcity governing body shall determine the probable average hourly wage to be paidto workers by the business to be located at the property to be conveyed and thefair market value of the interest, subject to whatever covenants, conditions,and restrictions the county or city proposes to subject it to. Theconsideration for the conveyance may not be less than the value so determined.
(d1) Repealed by SessionLaws 1993, c. 497, s. 22.
(d2) In arriving at theamount of consideration that it receives, the Board may take into accountprospective tax revenues from improvements to be constructed on the property,prospective sales tax revenues to be generated in the area, as well as anyother prospective tax revenues or income coming to the county or city over thenext 10 years as a result of the conveyance or lease provided the followingconditions are met:
(1) The governing boardof the county or city shall determine that the conveyance of the property willstimulate the local economy, promote business, and result in the creation of asubstantial number of jobs in the county or city that pay at or above themedian average wage in the county or, for a city, in the county where the cityis located. A city that spans more than one county is considered to be locatedin the county where the greatest population of the city resides. For thepurpose of this subdivision, the median average wage in a county is the medianaverage wage for all insured industries in the county as computed by theEmployment Security Commission for the most recent period for which data isavailable.
(2) The governing boardof the county or city shall contractually bind the purchaser of the property toconstruct, within a specified period of time not to exceed five years,improvements on the property that will generate the tax revenue taken intoaccount in arriving at the consideration. Upon failure to construct theimprovements specified in the contract, the purchaser shall reconvey theproperty back to the county or city.
(e) All appropriationsand expenditures pursuant to subsections (b) and (c) of this section shall besubject to the provisions of the Local Government Budget and Fiscal ControlActs of the North Carolina General Statutes, respectively, for cities andcounties and shall be listed in the annual financial report the county or citysubmits to the Local Government Commission. The budget format for each suchgoverning body shall make such disclosures in such detail as the LocalGovernment Commission may by rule and regulation direct.
(f) At the end of eachfiscal year, the total of the following for each county and city may not exceedone‑half of one percent (0.5%) of the outstanding assessed property taxvaluation for the county or city as of January 1 preceding the beginning of thefiscal year:
(1) The investment inproperty acquired at any time under subdivisions (b)(1) through (b)(4) of thissection and owned at the end of the fiscal year.
(2) The amount expendedduring the fiscal year under subdivisions (b)(5) and (b)(7) of this section.
(3) The amount of taxrevenue that was taken into account under subsection (d2) of this section andwas expected to be received during the fiscal year.
The Local GovernmentCommission shall review the annual financial reports filed by counties andcities to determine if any county or city has exceeded the limit set by thissubsection. If the Commission finds that a county or city has exceeded thislimit, it shall notify the county or city. A county or city that receives anotice from the Commission under this subsection must submit to the Commissionfor its review and approval any appropriation or expenditure the county or cityproposes to make under this section during the next three fiscal years. TheCommission shall not approve an appropriation or expenditure that would cause acounty or city to exceed the limit set by this subsection.
(g) Repealed by SessionLaws 1989, c. 374, s. 1.
(h) Each economicdevelopment agreement entered into between a private enterprise and a city orcounty shall clearly state their respective responsibilities under theagreement. Each agreement shall contain provisions regarding remedies for abreach of those responsibilities on the part of the private enterprise. Theseprovisions shall include a provision requiring the recapture of sumsappropriated or expended by the city or county upon the occurrence of eventsspecified in the agreement. Events that would require the city or county torecapture funds would include the creation of fewer jobs than specified in the agreement,a lower capital investment than specified in the agreement, and failing tomaintain operations at a specified level for a period of time specified in theagreement. (1973,c. 803, s. 37; 1985, c. 639, s. 1; 1985 (Reg. Sess., 1986), c. 846, s. 1; c.848, s. 1; c. 858, s. 1; c. 911, s. 1; c. 921, s. 1; 1987, c. 577, s. 1.1;1989, c. 374, s. 1; 1991, c. 598, s. 6; c. 659, ss. 1, 2; 1991 (Reg. Sess.,1992), c. 793, s. 1; c. 799, s. 1; c. 938, s. 1; 1993, c. 31, s. 1; c. 42, s.1; c. 246, ss. 1(a), 1(b); c. 275, s. 2; c. 358, s. 13; c. 497, ss. 22, 24; c.536, ss. 1, 4; 2007‑515, ss. 1, 7.)
(a) Each county andcity in this State is authorized to make appropriations for the purposes ofaiding and encouraging the location of manufacturing enterprises, makingindustrial surveys and locating industrial and commercial plants in or nearsuch city or in the county; encouraging the building of railroads or otherpurposes which, in the discretion of the governing body of the city or of thecounty commissioners of the county, will increase the population, taxableproperty, agricultural industries and business prospects of any city or county.These appropriations may be funded by the levy of property taxes pursuant toG.S. 153A‑149 and 160A‑209 and by the allocation of other revenueswhose use is not otherwise restricted by law.
(b) A county or citymay undertake the following specific economic development activities. (Thislisting is not intended to limit by implication or otherwise the grant ofauthority set out in subsection (a) of this section). The activities listed inthis subsection may be funded by the levy of property taxes pursuant to G.S.153A‑149 and G.S. 160A‑209 and by the allocation of other revenueswhose use is not otherwise restricted by law.
(1) A county or city mayacquire and develop land for an industrial park, to be used for manufacturing,assembly, fabrication, processing, warehousing, research and development,office use, or similar industrial or commercial purposes. A county may acquireland anywhere in the county, including inside of cities, for an industrialpark, while a city may acquire land anywhere in the county or counties in whichit is located. A county or city may develop the land by installing utilities,drainage facilities, street and transportation facilities, street lighting, andsimilar facilities; may demolish or rehabilitate existing structures; and mayprepare the site for industrial or commercial uses. A county or city may conveyproperty located in an industrial park pursuant to subsection (d) of thissection.
(2) A county or city mayacquire, assemble, and hold for resale property that is suitable for industrialor commercial use. A county may acquire such property anywhere in the county,including inside of cities, while a city may acquire such property inside thecity or, if the property will be used by a business that will provide jobs tocity residents, anywhere in the county or counties in which it is located. Acounty or city may convey property acquired or assembled under this subdivisionpursuant to subsection (d) of this section.
(3) A county or city mayacquire options for the acquisition of property that is suitable for industrialor commercial use. The county or city may assign such an option, following suchprocedures, for such consideration, and subject to such terms and conditions asthe county or city deems desirable.
(4) A county or city mayacquire, construct, convey, or lease a building suitable for industrial orcommercial use.
(5) A county or city mayconstruct, extend or own utility facilities or may provide for or assist in theextension of utility services to be furnished to an industrial facility,whether the utility is publicly or privately owned.
(6) A county or city mayextend or may provide for or assist in the extension of water and sewer linesto industrial properties or facilities, whether the industrial property orfacility is publicly or privately owned.
(7) A county or city mayengage in site preparation for industrial properties or facilities, whether theindustrial property or facility is publicly or privately owned.
(c) Any appropriationor expenditure pursuant to subsection (b) of this section must be approved bythe county or city governing body after a public hearing. The county or cityshall publish notice of the public hearing at least 10 days before the hearingis held. If the appropriation or expenditure is for the acquisition of aninterest in real property, the notice shall describe the interest to beacquired, the proposed acquisition cost of such interest, the governing body'sintention to approve the acquisition, the source of funding for the acquisitionand such other information needed to reasonably describe the acquisition. Ifthe appropriation or expenditure is for the improvement of privately ownedproperty by site preparation or by the extension of water and sewer lines tothe property, the notice shall describe the improvements to be made, theproposed cost of making the improvements, the source of funding for theimprovements, the public benefit to be derived from making the improvements,and any other information needed to reasonably describe the improvements andtheir purpose.
(d) A county or citymay lease or convey interests in real property held or acquired pursuant tosubsection (b) of this section in accordance with the procedures of thissubsection. A county or city may convey or lease interests in property byprivate negotiation and may subject the property to such covenants, conditions,and restrictions as the county or city deems to be in the public interest ornecessary to carry out the purposes of this section. Any such conveyance orlease must be approved by the county or city governing body, after a publichearing. The county or city shall publish notice of the public hearing at least10 days before the hearing is held; the notice shall describe the interest tobe conveyed or leased, the value of the interest, the proposed considerationfor the conveyance or lease, and the governing body's intention to approve theconveyance or lease. Before such an interest may be conveyed, the county orcity governing body shall determine the probable average hourly wage to be paidto workers by the business to be located at the property to be conveyed and thefair market value of the interest, subject to whatever covenants, conditions,and restrictions the county or city proposes to subject it to. Theconsideration for the conveyance may not be less than the value so determined.
(d1) Repealed by SessionLaws 1993, c. 497, s. 22.
(d2) In arriving at theamount of consideration that it receives, the Board may take into accountprospective tax revenues from improvements to be constructed on the property,prospective sales tax revenues to be generated in the area, as well as anyother prospective tax revenues or income coming to the county or city over thenext 10 years as a result of the conveyance or lease provided the followingconditions are met:
(1) The governing boardof the county or city shall determine that the conveyance of the property willstimulate the local economy, promote business, and result in the creation of asubstantial number of jobs in the county or city that pay at or above themedian average wage in the county or, for a city, in the county where the cityis located. A city that spans more than one county is considered to be locatedin the county where the greatest population of the city resides. For thepurpose of this subdivision, the median average wage in a county is the medianaverage wage for all insured industries in the county as computed by theEmployment Security Commission for the most recent period for which data isavailable.
(2) The governing boardof the county or city shall contractually bind the purchaser of the property toconstruct, within a specified period of time not to exceed five years,improvements on the property that will generate the tax revenue taken intoaccount in arriving at the consideration. Upon failure to construct theimprovements specified in the contract, the purchaser shall reconvey theproperty back to the county or city.
(e) All appropriationsand expenditures pursuant to subsections (b) and (c) of this section shall besubject to the provisions of the Local Government Budget and Fiscal ControlActs of the North Carolina General Statutes, respectively, for cities andcounties and shall be listed in the annual financial report the county or citysubmits to the Local Government Commission. The budget format for each suchgoverning body shall make such disclosures in such detail as the LocalGovernment Commission may by rule and regulation direct.
(f) At the end of eachfiscal year, the total of the following for each county and city may not exceedone‑half of one percent (0.5%) of the outstanding assessed property taxvaluation for the county or city as of January 1 preceding the beginning of thefiscal year:
(1) The investment inproperty acquired at any time under subdivisions (b)(1) through (b)(4) of thissection and owned at the end of the fiscal year.
(2) The amount expendedduring the fiscal year under subdivisions (b)(5) and (b)(7) of this section.
(3) The amount of taxrevenue that was taken into account under subsection (d2) of this section andwas expected to be received during the fiscal year.
The Local GovernmentCommission shall review the annual financial reports filed by counties andcities to determine if any county or city has exceeded the limit set by thissubsection. If the Commission finds that a county or city has exceeded thislimit, it shall notify the county or city. A county or city that receives anotice from the Commission under this subsection must submit to the Commissionfor its review and approval any appropriation or expenditure the county or cityproposes to make under this section during the next three fiscal years. TheCommission shall not approve an appropriation or expenditure that would cause acounty or city to exceed the limit set by this subsection.
(g) Repealed by SessionLaws 1989, c. 374, s. 1.
(h) Each economicdevelopment agreement entered into between a private enterprise and a city orcounty shall clearly state their respective responsibilities under theagreement. Each agreement shall contain provisions regarding remedies for abreach of those responsibilities on the part of the private enterprise. Theseprovisions shall include a provision requiring the recapture of sumsappropriated or expended by the city or county upon the occurrence of eventsspecified in the agreement. Events that would require the city or county torecapture funds would include the creation of fewer jobs than specified in the agreement,a lower capital investment than specified in the agreement, and failing tomaintain operations at a specified level for a period of time specified in theagreement. (1973,c. 803, s. 37; 1985, c. 639, s. 1; 1985 (Reg. Sess., 1986), c. 846, s. 1; c.848, s. 1; c. 858, s. 1; c. 911, s. 1; c. 921, s. 1; 1987, c. 577, s. 1.1;1989, c. 374, s. 1; 1991, c. 598, s. 6; c. 659, ss. 1, 2; 1991 (Reg. Sess.,1992), c. 793, s. 1; c. 799, s. 1; c. 938, s. 1; 1993, c. 31, s. 1; c. 42, s.1; c. 246, ss. 1(a), 1(b); c. 275, s. 2; c. 358, s. 13; c. 497, ss. 22, 24; c.536, ss. 1, 4; 2007‑515, ss. 1, 7.)
(a) Each county andcity in this State is authorized to make appropriations for the purposes ofaiding and encouraging the location of manufacturing enterprises, makingindustrial surveys and locating industrial and commercial plants in or nearsuch city or in the county; encouraging the building of railroads or otherpurposes which, in the discretion of the governing body of the city or of thecounty commissioners of the county, will increase the population, taxableproperty, agricultural industries and business prospects of any city or county.These appropriations may be funded by the levy of property taxes pursuant toG.S. 153A‑149 and 160A‑209 and by the allocation of other revenueswhose use is not otherwise restricted by law.
(b) A county or citymay undertake the following specific economic development activities. (Thislisting is not intended to limit by implication or otherwise the grant ofauthority set out in subsection (a) of this section). The activities listed inthis subsection may be funded by the levy of property taxes pursuant to G.S.153A‑149 and G.S. 160A‑209 and by the allocation of other revenueswhose use is not otherwise restricted by law.
(1) A county or city mayacquire and develop land for an industrial park, to be used for manufacturing,assembly, fabrication, processing, warehousing, research and development,office use, or similar industrial or commercial purposes. A county may acquireland anywhere in the county, including inside of cities, for an industrialpark, while a city may acquire land anywhere in the county or counties in whichit is located. A county or city may develop the land by installing utilities,drainage facilities, street and transportation facilities, street lighting, andsimilar facilities; may demolish or rehabilitate existing structures; and mayprepare the site for industrial or commercial uses. A county or city may conveyproperty located in an industrial park pursuant to subsection (d) of thissection.
(2) A county or city mayacquire, assemble, and hold for resale property that is suitable for industrialor commercial use. A county may acquire such property anywhere in the county,including inside of cities, while a city may acquire such property inside thecity or, if the property will be used by a business that will provide jobs tocity residents, anywhere in the county or counties in which it is located. Acounty or city may convey property acquired or assembled under this subdivisionpursuant to subsection (d) of this section.
(3) A county or city mayacquire options for the acquisition of property that is suitable for industrialor commercial use. The county or city may assign such an option, following suchprocedures, for such consideration, and subject to such terms and conditions asthe county or city deems desirable.
(4) A county or city mayacquire, construct, convey, or lease a building suitable for industrial orcommercial use.
(5) A county or city mayconstruct, extend or own utility facilities or may provide for or assist in theextension of utility services to be furnished to an industrial facility,whether the utility is publicly or privately owned.
(6) A county or city mayextend or may provide for or assist in the extension of water and sewer linesto industrial properties or facilities, whether the industrial property orfacility is publicly or privately owned.
(7) A county or city mayengage in site preparation for industrial properties or facilities, whether theindustrial property or facility is publicly or privately owned.
(c) Any appropriationor expenditure pursuant to subsection (b) of this section must be approved bythe county or city governing body after a public hearing. The county or cityshall publish notice of the public hearing at least 10 days before the hearingis held. If the appropriation or expenditure is for the acquisition of aninterest in real property, the notice shall describe the interest to beacquired, the proposed acquisition cost of such interest, the governing body'sintention to approve the acquisition, the source of funding for the acquisitionand such other information needed to reasonably describe the acquisition. Ifthe appropriation or expenditure is for the improvement of privately ownedproperty by site preparation or by the extension of water and sewer lines tothe property, the notice shall describe the improvements to be made, theproposed cost of making the improvements, the source of funding for theimprovements, the public benefit to be derived from making the improvements,and any other information needed to reasonably describe the improvements andtheir purpose.
(d) A county or citymay lease or convey interests in real property held or acquired pursuant tosubsection (b) of this section in accordance with the procedures of thissubsection. A county or city may convey or lease interests in property byprivate negotiation and may subject the property to such covenants, conditions,and restrictions as the county or city deems to be in the public interest ornecessary to carry out the purposes of this section. Any such conveyance orlease must be approved by the county or city governing body, after a publichearing. The county or city shall publish notice of the public hearing at least10 days before the hearing is held; the notice shall describe the interest tobe conveyed or leased, the value of the interest, the proposed considerationfor the conveyance or lease, and the governing body's intention to approve theconveyance or lease. Before such an interest may be conveyed, the county orcity governing body shall determine the probable average hourly wage to be paidto workers by the business to be located at the property to be conveyed and thefair market value of the interest, subject to whatever covenants, conditions,and restrictions the county or city proposes to subject it to. Theconsideration for the conveyance may not be less than the value so determined.
(d1) Repealed by SessionLaws 1993, c. 497, s. 22.
(d2) In arriving at theamount of consideration that it receives, the Board may take into accountprospective tax revenues from improvements to be constructed on the property,prospective sales tax revenues to be generated in the area, as well as anyother prospective tax revenues or income coming to the county or city over thenext 10 years as a result of the conveyance or lease provided the followingconditions are met:
(1) The governing boardof the county or city shall determine that the conveyance of the property willstimulate the local economy, promote business, and result in the creation of asubstantial number of jobs in the county or city that pay at or above themedian average wage in the county or, for a city, in the county where the cityis located. A city that spans more than one county is considered to be locatedin the county where the greatest population of the city resides. For thepurpose of this subdivision, the median average wage in a county is the medianaverage wage for all insured industries in the county as computed by theEmployment Security Commission for the most recent period for which data isavailable.
(2) The governing boardof the county or city shall contractually bind the purchaser of the property toconstruct, within a specified period of time not to exceed five years,improvements on the property that will generate the tax revenue taken intoaccount in arriving at the consideration. Upon failure to construct theimprovements specified in the contract, the purchaser shall reconvey theproperty back to the county or city.
(e) All appropriationsand expenditures pursuant to subsections (b) and (c) of this section shall besubject to the provisions of the Local Government Budget and Fiscal ControlActs of the North Carolina General Statutes, respectively, for cities andcounties and shall be listed in the annual financial report the county or citysubmits to the Local Government Commission. The budget format for each suchgoverning body shall make such disclosures in such detail as the LocalGovernment Commission may by rule and regulation direct.
(f) At the end of eachfiscal year, the total of the following for each county and city may not exceedone‑half of one percent (0.5%) of the outstanding assessed property taxvaluation for the county or city as of January 1 preceding the beginning of thefiscal year:
(1) The investment inproperty acquired at any time under subdivisions (b)(1) through (b)(4) of thissection and owned at the end of the fiscal year.
(2) The amount expendedduring the fiscal year under subdivisions (b)(5) and (b)(7) of this section.
(3) The amount of taxrevenue that was taken into account under subsection (d2) of this section andwas expected to be received during the fiscal year.
The Local GovernmentCommission shall review the annual financial reports filed by counties andcities to determine if any county or city has exceeded the limit set by thissubsection. If the Commission finds that a county or city has exceeded thislimit, it shall notify the county or city. A county or city that receives anotice from the Commission under this subsection must submit to the Commissionfor its review and approval any appropriation or expenditure the county or cityproposes to make under this section during the next three fiscal years. TheCommission shall not approve an appropriation or expenditure that would cause acounty or city to exceed the limit set by this subsection.
(g) Repealed by SessionLaws 1989, c. 374, s. 1.
(h) Each economicdevelopment agreement entered into between a private enterprise and a city orcounty shall clearly state their respective responsibilities under theagreement. Each agreement shall contain provisions regarding remedies for abreach of those responsibilities on the part of the private enterprise. Theseprovisions shall include a provision requiring the recapture of sumsappropriated or expended by the city or county upon the occurrence of eventsspecified in the agreement. Events that would require the city or county torecapture funds would include the creation of fewer jobs than specified in the agreement,a lower capital investment than specified in the agreement, and failing tomaintain operations at a specified level for a period of time specified in theagreement. (1973,c. 803, s. 37; 1985, c. 639, s. 1; 1985 (Reg. Sess., 1986), c. 846, s. 1; c.848, s. 1; c. 858, s. 1; c. 911, s. 1; c. 921, s. 1; 1987, c. 577, s. 1.1;1989, c. 374, s. 1; 1991, c. 598, s. 6; c. 659, ss. 1, 2; 1991 (Reg. Sess.,1992), c. 793, s. 1; c. 799, s. 1; c. 938, s. 1; 1993, c. 31, s. 1; c. 42, s.1; c. 246, ss. 1(a), 1(b); c. 275, s. 2; c. 358, s. 13; c. 497, ss. 22, 24; c.536, ss. 1, 4; 2007‑515, ss. 1, 7.)
