Enacts new Subpart B, Job Catalyst Fund, to Part 2G of Article 10 of GS Chapter 143B. Enacts new GS 143B-437.67, Job Catalyst Fund, creating a special, non-reverting account in the Department of Commerce that provides funds to local governmental units for certain projects that result in the creation of jobs. Directs the Secretary of Commerce to adopt guidelines for the administration of the program. Specifies ten provisions that must be included in the guidelines. Examples of the guidelines include that the project be for a business that agrees, for the greater of ten years or the term of the grant plus five years, to create and maintain 250, 400, or 600 full-time jobs depending on the corresponding development tier; and that the funds are used to acquire or improve land or infrastructure, for facility development, or for capital investment and used for manufacturing projects. Also specifies minimum investment amounts that must be made by the business.
Includes a forfeiture and recapture provision which, when a project fails to timely create and maintain the required new jobs, level of investment, or to meet other requirements, requires local governments to provide a means for recapture from the business at a project an amount equal to the amount disbursed from the fund and to reimburse the fund that amount.
Requires businesses located at a project receiving grants to maintain records available for inspection by the Secretary of Commerce. Also requires the Department of Commerce to report annually on or before April 30 of each year on the fund. The report must be submitted to House of Representatives Finance Committee, the Senate Finance Committee, the House of Representatives Appropriations Subcommittee on Natural and Economic Resources, the Senate Appropriations Committee on Natural and Economic Resources, and the Fiscal Research Division. Sets out eight items of information that must be in the report including an update on the status of projects under grants awarded before the preceding calendar year and the number and development tier area of new worker positions to be created by projects with respect to which grants have been awarded.
Requires the Secretary of Commerce to publish on the Department's website proposed guidelines for the fund at least twenty days before the effective date and allow oral and written public comment during the fifteen business days beginning on the first day the notice requirement has been completed.
Adds new language in GS 150B-1 that the secretary is exempt from rulemaking requirements of the APA for the purpose of creating guidelines and the administration of the fund.
Makes conforming and organizational changes necessary for the creation and implementation of the Job Catalyst Fund. Provides that any unencumbered cash balance of the Job Catalyst Fund can be used for the purposes of the Job Catalyst Fund.
Status: Ref To Com On Rules and Operations of the Senate (Senate Action) (Mar 23 2015)
Bill S 340 (2015-2016)Summary date: Mar 19 2015 - More information