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GENERAL ASSEMBLY OF NORTH CAROLINA <br />SESSION 2015 <br />SESSION LAW 2015 -277 <br />SENATE BILL 472 <br />AN ACT TO AUTHORIZE LOCAL GOVERNMENTS TO APPROPRIATE MONEY FOR <br />HISTORIC REHABILITATION AND TO CLARIFY AND STANDARDIZE THE <br />REQUIREMENTS FOR APPROPRIATING FUNDS FOR LOCAL ECONOMIC <br />DEVELOPMENT. <br />The General Assembly of North Carolina enacts: <br />SECTION 1. G.S. 158 -7.1 reads as rewritten: <br />"§ 158 -7.1. Local development. <br />(a) Economic Development. - Each county and city in this State is authorized to make <br />appropriations for <br />di fetid of economic development purposes. These appropriations must be determined ba the <br />governing body of the city or e€ the county to increase the <br />population, taxable property, agricultural industricsaindustries, employment, industrial <br />output, or business prospects of oe�-the city or county. These appropriations may be funded by <br />the levy of property taxes pursuant to G.S. 153A -149 and 160A -209 and by the allocation of <br />other revenues whose use is not otherwise restricted by law. The specific activities listed in <br />subsection (b) of this section are not intended to limit the grant of authorily provided by this <br />section. <br />(b) Specific Activities. - - A county or city may undertake an� the following specific <br />economic development <br />this stthseetiea fRat� be ftinded by the levy of pfepeftt ta*es pttr-stlaI4 to G.S. 153A 149 ali A <br />lam activities under this section: <br />(1) A county or city may acquire and develop land for an industrial park, to be <br />used for manufacturing, assembly, fabrication, processing, warehousing, <br />research and development, office use, or similar industrial or commercial <br />purposes. A county may acquire land anywhere in the county, including <br />inside of cities, for an industrial park, while a city may acquire land <br />anywhere in the county or counties in which it is located. A county or city <br />may develop the land by installing utilities, drainage facilities, street and <br />transportation facilities, street lighting, and similar facilities; may demolish <br />or rehabilitate existing structures; and may prepare the site for industrial or <br />commercial uses. A county or city may convey property located in an <br />industrial park pursuant to subsection (d) of this section. <br />(2) A county or city may acquire, assemble, and hold for resale property that is <br />suitable for industrial or commercial use. A county may acquire such <br />property anywhere in the county, including inside of cities, while a city may <br />acquire such property inside the city or, if the property will be used by a <br />business that will provide jobs to city residents, anywhere in the county or <br />counties in which it is located. A county or city may convey property <br />acquired or assembled under this subdivision pursuant to subsection (d) of <br />this section. <br />(3) A county or city may acquire options for the acquisition of property that is <br />suitable for industrial or commercial use. The county or city may assign such <br />111111111111111111 11 Attachm n <br />