§ 143B‑437.55.  Applications; fees; reports; study.

(a)       Application. – A business shall apply, under oath, to the Committee for a grant on a form prescribed by the Committee that includes at least all of the following:

(1)       The name of the business, the proposed location of the project, and the type of activity in which the business will engage at the project site or sites.

(2)       The names and addresses of the principals or management of the business, the nature of the business, and the form of business organization under which it is operated.

(3)       The financial statements of the business prepared by a certified public accountant and any other financial information the Committee considers necessary.

(4)       The number of eligible positions proposed to be created for the project and the salaries for these positions.

(5)       An estimate of the total withholdings.

(6)       Certification that the business will provide health insurance to full‑time employees of the project as required by G.S. 143B‑437.53(c).

(7)       Information concerning other locations, including locations in other states and countries, being considered for the project and the nature of any benefits that would accrue to the business if the project were to be located in one of those locations.

(8)       Information concerning any other State or local government incentives for which the business is applying or that it has an expectation of receiving.

(9)       Any other information necessary for the Committee to evaluate the application.

A business may apply, in one consolidated application in a form and manner determined by the Committee, for a grant on its own behalf as a business and for grants on behalf of the related members of the business who may qualify under this Part.

The Committee will consider an application by a business for grants on behalf of its related members only if the related members for whom the application is submitted have assigned to the business any claim of right the related members may have under this Part to apply for grants individually during the term of the agreement and have agreed to cooperate with the business in providing to the Committee all the information required for the initial application and the agreement, and any other information the Committee may require for the purposes of this Part. The applicant business is responsible for providing to the Committee all the information required under this Part.

If a business applies for a grant on behalf of its related members, the related members included in the application may be permitted to meet the qualifications for a grant collectively by participating in a project that meets the requirements of this Part. The amount of a grant may be calculated under the terms of this Part as if the related members were all collectively one business entity. Any conditions for a grant, other than the number of eligible positions created, apply to each related member who is listed in the application as participating in the project. The grants awarded shall be paid to the applicant business. A grant received under this Part by a business may be apportioned to the related members in a manner determined by the business. In order for an agreement to be executed, each related member included in the application must sign the agreement and agree to abide by its terms.

(b)       Application Fee. – When filing an application under this section, the business must pay the Committee a fee of five thousand dollars ($5,000). The fee is due at the time the application is filed. The Secretary of Commerce, the Secretary of Revenue, and the Director of the Office of State Budget and Management shall determine the allocation of the fee imposed by this section among their agencies. The proceeds of the fee are receipts of the agency to which they are credited.

(c)       Annual Reports. – The Committee shall publish a report on the Job Development Investment Grant Program on or before April 30 of each year. The report shall include the following:

(1)       A listing of each community economic development agreement negotiated and entered into during the preceding calendar year, including the name of the business, the cost/benefit analysis conducted by the Committee during the application process, a description of the project, the term of the agreement, the percentage used to determine the amount of the grant, and the amount of the grant made under the agreement during that year.

(2)       An update on the status of projects under agreements entered into before the preceding calendar year.

(3)       The number and development tier area of eligible positions created by projects with respect to which grants were awarded.

(3a)     A listing of the employment level for all businesses receiving a grant and any changes in those levels from the level of the next preceding year.

(4)       The wage levels of all eligible positions created by projects with respect to which grants are awarded, aggregated and listed in increments of five thousand dollars ($5,000).

(5)       The amount of new income tax revenue received from withholdings related to the projects for which grants were awarded.

(6)       The criteria developed by the Committee, in consultation with the Attorney General, to implement this Part and any changes in those criteria from the previous calendar year.

(7)       The effectiveness of the program in recruiting new and expanding businesses.

(8)       The environmental impact of businesses that have received grants under the program.

(9)       The geographic distribution of grants, by number and amount, awarded under the program.

(10)     An explanation of whether the projects with respect to which agreements are entered into involve new businesses in the State or expanding existing businesses in the State.

(11)     A listing of all businesses making an application under this Part and an explanation of whether each business ultimately located the project in this State regardless of whether the business was awarded a grant for the project under this Part.

(12)     Repealed by Session Laws 2006‑168, s. 1.4, effective July 27, 2006.

(13)     The total amount transferred to the Utility Account of the Industrial Development Fund under this Part during the preceding year.

(d)       Quarterly Reports. – The Committee shall publish a report on the Job Development Investment Grant Program within two months of the end of each quarter. This report shall include a listing of each community economic development agreement negotiated and entered into during the preceding quarter, including the name of the business, the cost/benefit analysis conducted by the Committee during the application process, a description of the project, and the amount of the grant expected to be made under the agreement during the current fiscal year.

(e)       Study. – The Committee shall conduct a study to determine the minimum funding level required to implement the Job Development Investment Grant Program successfully. The Committee shall report the results of this study to the House of Representatives Finance Committee, the Senate Finance Committee, the House of Representatives Appropriations Subcommittee on Natural and Economic Resources, the Senate Appropriations Committee on Natural and Economic Resources, and the Fiscal Research Division no later than March 1 of each year. (2002‑172, s. 2.1(a); 2003‑416, s. 2; 2005‑429, s. 2.1; 2006‑168, s. 1.4; 2006‑252, s. 2.8; 2006‑264, s. 69(c).)