SB1065 Summary

• Changes congressional district reference date from January 1, 1987 to January 1, 2012 for appointing Council members, maintaining the requirement of at least 3 members from each of the four congressional districts plus 4 at-large members.

• Increases quorum requirement for Council meetings from 6 to 7 members and requires 7 affirmative votes for business disposition; allows meetings by conference call or other communication means.

• Redefines the Council's advisory role and establishes the Commission as the state agency responsible for implementing economic development programs, with the Council serving in an advisory capacity to the Executive Director, Governor, and General Assembly.

• Expands Commission functions to include administering grants, loans, tax credits, strategic planning, infrastructure assistance, business training programs, energy planning, film industry development, and foreign trade zones; requires Council approval for opening or closing international offices.

• Requires annual reporting on incentive-funded projects, factories/plant closures, and comparative performance assessments; establishes cost-benefit analysis of economic incentive programs conducted by Legislative Audit on a rotating basis.