Bill > H552

This bill amends the existing One North Carolina Fund to create a new Agricultural Manufacturing Investment Grant (AMIG) Account within the fund, providing competitive grants to eligible agricultural manufacturers. The new account allows the Department of Commerce to award grants up to $100,000 per year, with a total lifetime grant limit of $500,000 per recipient. To qualify, agricultural manufacturers must invest at least $5 million in improvements within two years, maintain at least 25 full-time employees, and meet wage requirements that are 110% of the county's average private employer wage. The Department will prioritize grants based on factors such as location in economically distressed areas (development tier one or two), incorporation of advanced technologies like precision agriculture or artificial intelligence, and significant investment in research and development. Grant recipients must enter into an agreement with performance criteria and may be required to repay portions of the grant if they fail to meet specified benchmarks. The bill also increases the fund's total allocation, allowing up to $5 million to be dedicated to the new Agricultural Manufacturing Investment Grant Account, with the goal of supporting economic development in North Carolina's agricultural manufacturing sector.

Agriculture and Natural Resources, Business and Industry, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H552