Bill > S424

This bill modifies the allocation of funds for megasite development in North Carolina, managed by the Economic Development Partnership of North Carolina (EDPNC). Specifically, the bill broadens the potential uses of the Megasite Fund beyond the original narrow focus on site acquisition. The first $1 million of the fund will still be used to hire a national site selection firm to evaluate and identify the top five megasites in the state. However, the bill removes the restriction that subsequent funds can only be used for site acquisition and instead allows them to be used for broader purposes related to megasite development. When providing grants for megasite acquisition, EDPNC can now offer up to 85% of the property's purchase price or tax value, with the exact percentage determined by factors such as total development needs, prior local government investment, local government's ability to invest, and promised participation. Grants can only be made for sites where local governments have a binding purchase option and have completed comprehensive due diligence, including surveys, title searches, historical preservation reviews, and environmental assessments. The bill becomes effective immediately upon becoming law.

https://www.ncleg.gov/BillLookUp/2025/S424