GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	1 

SENATE BILL 919

Short Title:  First Flight Incubator System.	(Public)
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Sponsors: Senator Martin of Pitt.
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Referred to:  Economic Development.
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May 13, 1991

A BILL TO BE ENTITLED
AN ACT TO ESTABLISH THE NORTH CAROLINA FIRST FLIGHT SYSTEM AS A NETWORK OF BUSINESS INCUBATORS TO CREATE NEW JOBS, INCREASE THE COMPETITIVENESS OF COMPANIES ACROSS NORTH CAROLINA THROUGH THE COMMERCIALIZATION OF RESEARCH AND NEW TECHNOLOGIES, AND TRANSFER THE FUNCTIONS AND ASSETS OF THE NORTH CAROLINA TECHNOLOGICAL DEVELOPMENT AUTHORITY TO A PRIVATE, NONPROFIT CORPORATION.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 143B-471.3A reads as rewritten:
"§ 143B-471.3A. Powers.
In order to enable it to carry out the purposes of this Part, the Authority may:
(1)	Exercise the powers granted corporations under G.S. 55-17;
(2)	Employ an executive director, whose salary shall be set by the General Assembly in the Current Operations Appropriations Act. The Authority may employ such other professional staff and clerical and secretarial staff as it deems necessary within the funds available to it. The salaries of such other personnel shall be set under the State Personnel Act;
(3)	Establish an office for the transaction of its business at Raleigh;
(4)	Apply for and accept grants of money from the State of North Carolina, or any political subdivision thereof, from the United States, or from any person, corporation, foundation, trust, or business or from any foreign government for any of the purposes authorized by this Part;
(5)	Establish and administer the incubator facilities program;
(6)	Administer the North Carolina Innovation Research Fund; 
(7)	Adopt reasonable rules to effectuate the purposes of this Part; and
(8)	Establish and administer the First Flight System, a network of business incubators across the State to transfer technologies into commercial applications by private industry."
Sec. 2. (a) There is appropriated from the General Fund to the North Carolina Technological Development Authority the sum of $1,340,575 for the 1991-92 fiscal year and the sum of $1,340,624 for the 1992-93 fiscal year for operating expenses.
(b) There is appropriated from the General Fund to the North Carolina Technological Development Authority the sum of $300,000 for the 1991-92 fiscal year to implement and administer the First Flight System.
(c) There is appropriated from the General Fund to the North Carolina Technological Development Authority the sum of $300,000 for the 1991-92 fiscal year for the Incubator Facilities Program.
(d) Any funds appropriated in this act that are unexpended at the end of the fiscal year shall not revert, but shall remain available for the purposes for which they were appropriated.
Sec. 3.  Effective September 1, 1991, the statutory unexpended balances of appropriations, allocations, or other funds and all assets of the Technological Development Authority created in G.S. 143B-471 shall be transferred to the North Carolina Technological Development Authority, Inc., a private, nonprofit corporation.  The North Carolina Technological Development Authority, Inc., shall use the funds and other assets transferred to it pursuant to this act for (i) an incubator facilities program, (ii) an innovation research fund, and (iii) the First Flight System, a network of incubators across the State to transfer technologies into commercial applications.  The incubator facilities program shall be administered in accordance with the provisions of former G.S. 143B-471.4, repealed by this act.  The innovation research fund shall be administered in accordance with the provisions of former G.S. 143B-471.5, repealed by this act.
Sec. 4.  Effective September 1, 1991, Part 12 of Article 10 of Chapter 143B of the General Statutes is repealed.
Sec. 5.  Effective September 1, 1991:
(1)	The below described land and improvements, formerly known as the "Science and Technology Research Center", together with property installed in the building and other movable equipment and supplies shall be transferred by the State of North Carolina to The North Carolina Technological Development Authority, Inc.: BEGINNING at an iron pin located at North Carolina Grid Coordinate, north 783,348.879 east 2,041,863.310; runs thence South 9 degrees 17 minutes West 261.50 feet to an iron pin; runs thence North 67 degrees 54 minutes West 698 feet to an iron pipe; runs thence North 37 degrees 50 minutes East 48.50 feet to an iron pin; runs thence North 45 degrees 50 minutes East 340.00 feet to an iron pin; runs thence North 13 degrees 18 minutes East 345.72 feet to an iron pin in the southern line of Cornwallis Road; runs thence along the southern line of Cornwallis Road along a slight curve having a diameter of 4 degrees 00 minutes, a tangent of 411.55 feet to a radius of 1,432.69 feet a distance of 363.82 feet to an iron pin located in the southern line of Cornwallis Road; thence continuing along the southern line of Cornwallis Road South 65 degrees 52 minutes East 63.47 feet to a concrete monument; thence along the right of way of Cornwallis Road and Davis Drive South 26 degrees 42 minutes East 72.60 feet to a concrete monument; thence along the western line of the right of way of Davis Drive along a slight curve having a diameter of 1 degree 00 minutes a tangent of 351.27 feet and a radius of 5,730.34 feet a distance of 342.05 feet to an iron pin at the point and place of BEGINNING and containing 8 acres according to a map and survey made by Boney and Newcomb dated February, 1964, and recorded in the office of the Register of Deeds of Durham County, North Carolina, in Plat Book _____, pages ___________.
(2)	The transfer made by this section shall be evidenced by a deed executed under G.S. 146-75 and registered in accordance with G.S. 146-77. The deed shall provide that the property transferred by this section shall automatically revert to the State of North Carolina if the property is used for any purposes other than the purposes set forth in subdivision (3).
(3)	The transfer made by this section is made on the condition that the North Carolina Technological Development Authority, Inc., shall use the property described in subdivision (1) solely as a business incubator serving technology research-based entrepreneurial companies in the Research Triangle Park.  If the North Carolina Technological Development Authority, Inc., ceases to use the property for the purposes described in this section, then the property shall automatically revert to the State of North Carolina.
Sec. 6.   Sections 3, 4, and 5 of this act become effective September 1, 1991.  The remainder of this act becomes effective July 1, 1991.