Amends GS 158-7.1(c) to provide that specific economic development projects authorized by Winston-Salem under GS 158-7.1 are not subject to Article 8 of GS Chapter 143 (public contract requirements) if city funds constitute no more than 50% of the total costs of the project for which funds are appropriated. Specifies that federal funds loaned to private developers in connection with a project are not city funds. Clarifies GS 158-7.1(h) to include non-restrictive language on event examples that require Winston-Salem to recapture sums after a breach. Applies to economic development activities undertaken on or after the date the act becomes law.