NC S1387

Appropriates $5,000,000 from the General Fund to the Department of Commerce for fiscal year 2010-2011 to fund seven regional economic development commissions.

Allocates funds to each commission based on a development factor formula that divides each county's development factor by the sum of all eligible counties' development factors.

Subtracts interest earnings from the Global TransPark Development Zone from allocations to the North Carolina's Eastern Region Economic Development Partnership and redistributes those funds to all seven commissions using the same development factor formula.

Limits annual State-funded salaries for regional economic development commission employees to a maximum of $120,000 per person.

Appropriates an additional $15,000,000 to the Department of Commerce's One North Carolina Fund for fiscal year 2010-2011 to recruit new jobs and investment to the State.