Amends GS 158-7.1 to allow Winston-Salem to undertake any of the seven economic development activities listed in (b) without complying with the public contracts provisions in Article 8 of GS Chapter 143 if the activity takes place in an economically distressed area and the funds provided by the city do not exceed 50% of the total cost. Defines economically distressed area as an area in which, according to the most recent available data from the US Bureau of Census, 40% or more of the residents have an annual income that is at or below the poverty level. Expires July 1, 2018.