Sets out NCGA findings concerning economic development. Finds that it is State policy to provide resources to stimulate economic development throughout the State and that it is of particular importance to stimulate economic development in the rural and most economically distressed parts of the State.

Appropriates $21 million for 2024-25 from the General Fund to the Department of Commerce (DOC) to be allocated in the specified amounts to the North Carolina Association of Regional Councils of Government, North Carolina League of Municipalities, and the North Carolina Association of County Commissioners (collectively, eligible entity). Specifies that funds do not revert and allows up to 1% to be used for administrative purposes.

Requires each eligible entity to enter into any reciprocal agreement DOC deems necessary to effectuate the purposes of this act. Sets out provisions that must be included in these agreements.

Requires that the fund be used collaboratively by the eligible entities to provide grants to qualifying local governments, defined as a county, or city located within a county, that is ranked within the 20 most distressed counties under GS 143B-437.08 (development tier designations). Requires DOC and the eligible entities to establish guidelines for administering the funds, including specified provisions, including providing scholarships and hosting MPA fellowships in partnership with the UNC School of Government. Requires that grants only be issued to qualifying local governments who are best positioned to use the funds to (1) propose and manage economic development projects in that government’s jurisdiction; (2) apply for, and manage, grants; or (3) further one of the other specified purposes.

Requires DOC and eligible entities to report to the specified NCGA committee and division by March 1, 2025, and specifies information to be included in the report.

Effective on the later of: (1) July 1, 2024, or (2) the execution of a reciprocal agreement required under the act. Expires June 30, 2025, if the execution of the reciprocal agreements does not occur.