A BILL TO BE ENTITLED
AN ACT TO APPROPRIATE FUNDS TO THE HISTORIC PRESERVATION FOUNDATION OF NORTH CAROLINA TO HELP EXPAND NORTH CAROLINA'S STATEWIDE REVOLVING FUND FOR HISTORIC PRESERVATION.
Whereas, North Carolina has created the nation's first and most successful statewide revolving fund for historic preservation through the work of a nonprofit corporation known as the Historic Preservation Foundation of North Carolina, Inc., ("Preservation North Carolina"); and
Whereas, the 1977, 1981, 1983, 1984, 1985, 1986, and 1987 Sessions of the North Carolina General Assembly recognized the value of a statewide revolving fund for saving many important historic buildings in North Carolina by appropriating to Preservation North Carolina grants‑in‑aid totaling $815,000; and
Whereas, Preservation North Carolina has raised over $30,000,000 in cash, property, and other revenues from the private sector (foundations, corporations, and individuals) since the 1977 General Assembly made its first appropriation to Preservation North Carolina; and
Whereas, Preservation North Carolina has succeeded in saving more than 550 endangered historic properties in more than 60 counties throughout the State, attracting more than $200,000,000 in private investments and thus enhancing the property tax bases of their respective cities and counties; and
Whereas, Preservation North Carolina now has operations and staff in Raleigh, Wilmington, Edenton, Hillsborough, Glencoe (Alamance County), Winston‑Salem, and Shelby; and
Whereas, Preservation North Carolina is currently working to save more than 35 endangered historic properties throughout North Carolina, including several large historic industrial properties, and it is working with numerous local preservation organizations to save other properties through the Association of North Carolina Revolving Funds; and
Whereas, Preservation North Carolina has had to forego many other worthy preservation projects for lack of revolving fund capital; and
Whereas, the projects with which Preservation North Carolina is currently working will leverage private investments in excess of $60,000,000, money which will substantially enhance state and local tax bases; and
Whereas, Preservation North Carolina has carried on programs since 1939 in support of the Department of Cultural Resources, local preservation organizations, and local governments through the purchase of endangered historic properties, dissemination of technical information about historic preservation, and recognition of worthy preservation, activities; and
Whereas, the State of North Carolina should help this private organization, which is encouraging quality economic development in North Carolina communities, with a onetime nonrecurring appropriation to aid in recapitalizing its revolving fund; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to the Historic Preservation Foundation of North Carolina, Inc., for the 2006‑2007 fiscal year the sum of two hundred and fifty thousand dollars ($250,000) for the purpose of expanding North Carolina's statewide revolving fund for historic preservation.
SECTION 2.  This act becomes effective July 1, 2006.