AN ACT TO ENACT THE NORTH CAROLINA COMPETES ACT.
House committee substitute makes the following changes to the 1st edition.
Enacts new GS 143B-437.52(a)(6) adding a condition that must be met to receive grants from the Job Growth Reimbursement Opportunities - People Program, requiring the local governments of projects that are located in a development tier three area to have participated in recruitment and offered incentives in a manner appropriate to the project.
Amends GS 143B-437.53, which establishes the minimum number of positions needed, according to development tier, in order to qualify for a grant, to provide that projects in tier three development tiers must have 50 (was, 20) eligible positions to qualify for a grant.
Amends GS 143B-437.56(d) providing that for any eligible position that is located in a development tier three area, 70 percent (was, 75 percent) of the annual grant must be payable to the business and 30 percent (was, 25 percent) must be payable to the Utility Account pursuant to GS 143B-437.61.
Amends GS 143B-437.57(a)(10) concerning the terms of the development agreements and grants, providing that the agreement must contain a provision that requires the Economic Investment Committee to recapture an appropriate portion of the grant if the business does not remain at the site for the required term (previously, required a provision that permitted the committee to recapture all or part of the grant at its discretion).
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