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North Carolina General Statutes Chapter 143B. Executive Organization Act of 1973 § 143B-437.56A. Multilocation projects

Current as of January 01, 2023 | Updated by Findlaw Staff

(a) General Rule.--Except as provided in subsection (b) of this section, if a project will be located in more than one development tier area, the location with the highest area designation determines the standards applicable under this Part to the project.

(b) Incipient Enhancement.--For purposes of G.S. 143B-437.56(d), if a project will be located in more than one development tier area, the location with the lowest area designation determines the percentage of the annual grant approved for disbursement payable to the Utility Account pursuant to G.S. 143B-437.61 if (i) the project will have at least one location in a development tier three area, (ii) the project will have at least one location in a development tier one or two area, and (iii) at least sixty-six percent (66%) of the number of eligible positions created or the total benefits of the project to the State, as calculated pursuant to G.S. 143B-437.52, or both are located in the lowest area designation.

(c) Coincident Bonus.--The annual grant approved for disbursement payable to a business meeting all of the requirements of this subsection shall be increased by twenty percent (20%). The amount of increase allowed pursuant to this subsection shall not be included for purposes of calculating the award limitations provided in G.S. 143B-437.52 and G.S. 143B-437.56(e). The requirements for the increase allowed in this section are the following:

(1) The business was awarded the grant for locating a company headquarters, as defined in G.S. 143B-437.01.

(2) The business announces during the base period the relocation from another state to a development tier one or two area a manufacturing operation of (i) the business or (ii) a business that controls, is controlled by, or is under common control with the business.

(3) The relocation will result in the business creating a number of positions to be filled by new full-time employees in this State (i) equal to or greater than the applicable minimum number of jobs set forth for the location in G.S. 143B-437.53(a) and (ii) with withholdings equal to or greater than the amount of the bonus allowed under this subsection. The positions required by this subdivision must qualify as eligible positions under the agreement but for the requirement of being filled during the base period.

(4) The number of positions required in subdivision (3) of this subsection are filled for the year in which the annual grant is increased.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 143B. Executive Organization Act of 1973 § 143B-437.56A. Multilocation projects - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-143b-executive-organization-act-of-1973/nc-gen-st-sect-143b-437-56a/

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