AN ACT TO ALLOW THE CITY OF RALEIGH to extend an ECONOMIC development deadline for the construction of economic development projects.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 158‑7.1(d2) reads as rewritten:
"(d2)	In arriving at the amount of consideration that it receives, the Board may take into account prospective tax revenues from improvements to be constructed on the property, prospective sales tax revenues to be generated in the area, as well as any other prospective tax revenues or income coming to the county or city over the next 10 years as a result of the conveyance or lease provided the following conditions are met:
(1)	The governing board of the county or city shall determine that the conveyance of the property will stimulate the local economy, promote business, and result in the creation of a substantial number of jobs in the county or city that pay at or above the median average wage in the county or, for a city, in the county where the city is located. A city that spans more than one county is considered to be located in the county where the greatest population of the city resides. For the purpose of this subdivision, the median average wage in a county is the median average wage for all insured industries in the county as computed by the Employment Security Commission for the most recent period for which data is available.
(2)	The governing board of the county or city shall contractually bind the purchaser of the property to construct, within a specified period of time not to exceed five years, improvements on the property that will generate the tax revenue taken into account in arriving at the consideration. A city may extend the five-year period for up to an additional two years after holding a public hearing and finding extraordinary economic conditions prevented the completion of the project within the five-year period. Upon failure to construct the improvements specified in the contract, the purchaser shall reconvey the property back to the county or city."
SECTION 2.  This act applies to the City of Raleigh only.
SECTION 3.  This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 11th day of August, 2009.

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		 Walter H. Dalton
	 President of the Senate

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		 Joe Hackney
	 Speaker of the House of Representatives