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 empty; and
Whereas, in 2004, the General Assembly established the Building Reuse and Restoration Program in the Rural Economic Center, Inc., as 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 that created jobs for 2,279 people; and
Whereas, in 2005, the General Assembly included 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 from the General Fund to the Rural Economic Development Center, Inc., the sum of six million nine hundred fifty thousand dollars ($6,950,000) for the 2007‑2008 fiscal year and the sum of six million nine hundred fifty thousand dollars ($6,950,000) for the 2008‑2009 fiscal year  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 a population 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 site of any abandoned buildings and to prepare the buildings for reuse.
(3)	To provide up to three million seven hundred fifty thousand dollars ($3,750,000) for expanding the Small Towns Economic Prosperity Program and to provide grants to stimulate innovative economic recovery and expansion projects in small towns.
(4)	To provide up to four percent (4%) of the funds appropriated in this act 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.