NC H207

Applies exclusively to the City of Winston-Salem for local development purposes.

Modifies G.S. 158-7.1(h) to clarify that economic development agreements must include provisions for recapturing public funds upon breach by private enterprises.

Specifies that fund recapture events include creating fewer jobs than agreed, failing to meet capital investment targets, and not maintaining specified operational levels for the required timeframe.

Changes statutory language from mandatory examples to illustrative examples by inserting "by way of illustration and not limitation" before listing recapture trigger events.

Takes effect upon enactment and applies to all economic development activities undertaken after the law becomes effective (June 15, 2011).