Printer-friendly: Click to view
  • Summary date: Mar 7 2023 - View Summary

    Appropriates $3,175,000 for 2023-24 from the General Fund to the Department of Commerce (Department) to allocate to the East Market Street Development Corporation (EMSDC), a a nonprofit, for nine specified projects that stimulate economic growth and small business development and education in East Greensboro; specifies the amount that is to go to each project.

    Requires EMSDC to give the Department a preliminary statement regarding the projects that describes the following: (1) for eight of the projects, a statement for each project detailing the use of funds, the maximum dollar amount allowed, the intended beneficiaries of he project, and a brief summary of the expected economic benefit as a result of the project and (2) for the project for the support of minority owned businesses in East Greensboro, requires that same information plus any contribution committed to the project by the business receiving the funds. Requires funds to be awarded within 10 days of receiving the preliminary statement.

    Effective July 1, 2023.

    Requires the Department, in 2023 and 2024, to report to the chairs of the specified NCGA committees and division on the use of the funds. Sets out what must be included in the report. 

    Requires the funds appropriated in the act to be held by the Department and the allocation to the EMSDC to be released according to this act. Reverts funds not spent or encumbered by June 30, 2025, to the General Fund.