§ 143B-437.50. Legislative findings and purpose. - North Carolina Statutes

Part2G. Job Development Investment Grant Program.

§ 143B‑437.50.  Legislative findings andpurpose.

The General Assembly finds that:

(1)        It is the policy of the State of North Carolina to stimulateeconomic activity and to create new jobs for the citizens of the State byencouraging and promoting the expansion of existing business and industrywithin the State and by recruiting and attracting new business and industry tothe State.

(2)        Both short‑term and long‑term economic trends atthe State, national, and international levels have made the successfulimplementation of the State's economic development policy and programs bothmore critical and more challenging; and the decline in the State's traditionalindustries, and the resulting adverse impact upon the State and its citizens,have been exacerbated in recent years by adverse national and State economictrends that contribute to the reduction in the State's industrial base and thatinhibit the State's ability to sustain or attract new and expanding businesses.

(3)        The economic condition of the State is not static and recentchanges in the State's economic condition have created economic distress thatrequires a reevaluation of certain existing State programs and the enactment ofa new program as provided in this Part that are designed to stimulate neweconomic activity and to create new jobs within the State.

(4)        The enactment of this Part is necessary to stimulate theeconomy, facilitate economic recovery, and create new jobs in North Carolina;and this Part will promote the general welfare and confer, as its primarypurpose and effect, benefits on citizens throughout the State through thecreation of new jobs, an enlargement of the overall tax base, an expansion anddiversification of the State's industrial base, and an increase in revenue tothe State and its political subdivisions.

(5)        The purpose of this Part is to stimulate economic activityand to create new jobs within the State.

(6)        It is not the intent of the General Assembly that grantsprovided through this Part be used as venture capital funds, business incubatorfunds, or business start‑up funds or to otherwise fund the initialcapitalization needs of new businesses.

(7)        Nothing in this Part shall be construed to constitute aguarantee or assumption by the State of any debt of any business or toauthorize the taxing power or the full faith and credit of the State to bepledged. (2002‑172, s.2.1(a); 2003‑416, s. 2.)