NC H921

Creates the Preconstruction Grant Development Fund within the Department of Commerce to provide grants, forgivable loans, and financial assistance for land acquisition and improvement related to major industrial projects.

Establishes eligibility requirements including minimum $100 million private investment, creation of at least 100 new jobs, health insurance coverage for all full-time employees, safety compliance, and environmental impact standards.

Requires the Department of Commerce to evaluate applications through an established selection process and submit eligible projects to the Economic Investment Committee, which must make specific findings before recommending projects for funding.

Mandates performance criteria and safeguards in preconstruction development agreements to protect state investment, including employment maintenance requirements and provisions for repayment if businesses fail to meet agreed-upon terms.

Requires annual reporting to the Joint Legislative Commission on Governmental Operations detailing all agreements negotiated, project descriptions, funding amounts, and any defaults or repayments.