A BILL TO BE ENTITLED
AN ACT to stimulate job‑creating ventures, expand business opportunities, and promote economic transition in distressed rural areas.
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated to the North Carolina Rural Economic Development Center, Inc., the sum of twenty million dollars ($20,000,000) for the 2008‑2009 fiscal year to be used to continue and expand the Rural Economic Transition Program for the following purposes:
(1)	To provide grants to local governments for building reuse and restoration projects leading to job or business creation, including brownfield assessment and remediation projects leading to productive reuse, with priority given to towns or communities with populations of less than 10,000.
(2)	To provide grants to support economic recovery and revitalization in small towns, with priority given to towns with populations less than 10,000 experiencing hardship posed by business losses, devastation from natural disasters, or persistent poverty.
(3)	To provide grants for innovative local and regional economic development and agriculture diversification projects that spur business activity, job creation, or public or private investment.
SECTION 2.  Priority for grant funds shall be given to eligible applicants in development tier one areas as defined in G.S. 143B‑437.08.
SECTION 3.  The North Carolina Rural Economic Development Center, Inc., may use a portion of the funds appropriated under this act, not to exceed four percent (4%) for administration of the programs for which funds are appropriated under this act.
SECTION 4.  The North Carolina Rural Economic Development Center, Inc., may contract with other agencies and institutions for certain aspects of the programs for which funds are appropriated under this act, including the design of program guidelines and evaluation of program results.
SECTION 5.  This act becomes effective July 1, 2008.