As a member of the Joint Oversight Committee on Economic Development and Commerce Committees, I am pleased to announce the results of some work taken place to further accelerate the economy of North Carolina.
The forthcoming state budget will include key changes to economic development programs that are expected to help secure a major jobs announcement in North Carolina in the coming months. This provision utilizes feedback from our prior efforts to bring large employers to North Carolina, and recent conversations between legislators and prospective companies looking to move to our state to modify our existing economic development and jobs recruitment program.
This legislation will enable a company that commits to investing at least $1 billion and creating at least 3,000 jobs in our state to be eligible for a transformative project award under the Job Development Investment Grant (JDIG) program. I am am alo excited to announce that these programs will be available to the three counties of District 48. The legislation will allow these projects to receive a credit for “expansion positions” above the 3,000 job minimum. It will lengthen the base period for transformative projects to 10 years, while extending the maximum JDIG agreement term to the base period plus 30 years. The $6,500 cap per job for JDIG transformative awards is removed under this legislation.
The final modification allows 10% of the award available to high-yield and transformative projects to be directed to the state Utility Account, which will benefit lower wealth counties such as Transylvania to support economic development in the more rural areas of NC.
With this legislation, we will encourage companies to grow in North Carolina much beyond an initial jobs commitment and provide long-term security to those companies considering making a jobs investment in North Carolina. This legislation will also help attract higher-paying jobs with the removal of the $6,500 cap and ensure that the entire state enjoys the positive impact of major job recruitments.