A BILL TO BE ENTITLED
AN ACT to encourage economic growth in rural north carolina by expanding the small towns economic prosperity program and incentives to reuse and renovate vacant buildings and to appropriate funds to the rural economic development center, Inc., for the small towns economic prosperity program and the building reuse program.
Whereas, shifts in the economy away from traditional manufacturing have left many plants and downtown businesses vacant across the State; and
Whereas, when located in rural areas, these vacant buildings usually remain vacant; and
Whereas, in 2004 the General Assembly established the Building Reuse and Restoration Program within the Rural Economic Center, Inc., as a part of the Rural Economic Infrastructure Fund; and
Whereas, the Building Reuse and Restoration Program has been successful in spurring economic activity and job creation by assisting in the productive reuse of vacant buildings in small towns; and
Whereas, since 2004, the Building Reuse and Restoration Program has funded 43 projects resulting in private sector businesses creating jobs for 2,279 people; and
Whereas, in 2005, the General Assembly decided to include the Building Reuse and Restoration program in the recurring budget; and
Whereas, in 2006 the Rural Economic Development Center, Inc., initiated the Small Towns Economic Prosperity Program and selected 33 small towns to design and carry out economic expansion strategies; and
Whereas, many more small towns have shown a readiness to help their economy transition from economic decline toward recovery; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated to the Rural Economic Development Center, Inc., the sum of six million nine hundred fifty thousand dollars ($6,950,000) for fiscal year 2007‑2008 and the sum of six million nine hundred fifty thousand dollars ($6,950,000) for fiscal year 2008‑2009 to be used as follows:
(1)	To provide matching grants to local governments in distressed areas that will productively reuse vacant buildings and properties, with priority given to towns or communities with populations of less than 5,000.
(2)	To provide a brownfields incentive fund of up to one million dollars ($1,000,000) in each year to help small towns assess and remediate environmental contamination at the sites of abandoned buildings and to prepare them for reuse.
(3)	To provide up to three million seven hundred fifty dollars ($3,750,000) for expanding the Small Towns Economic Prosperity Program and grants to stimulate innovative economic recovery and expansion projects in small towns.
(4)	To provide up to four percent (4%) of the funds appropriated under this section for the use of the Rural Economic Development Center, Inc., in administering grants and delivering technical assistance to local governments.
SECTION 2.  This act becomes effective July 1, 2007.