H1031 Summary

• Authorizes the Department of Commerce to contract with a North Carolina nonprofit corporation to perform economic development functions, subject to extensive oversight requirements including a new Economic Development Accountability & Standards Committee.

• Establishes governance requirements for the contracted nonprofit corporation including a 17-member board appointed by the Governor, Speaker of the House, and President Pro Tempore of the Senate, with restrictions on lobbying and conflicts of interest.

• Requires the nonprofit corporation to raise at least $5.75 million from non-State sources during the contract term ($750,000 in year one, $1.25 million annually thereafter) and limits annual employee salaries to $120,000 using State funds.

• Creates eight Collaboration for Prosperity Zones across the State to facilitate regional coordination between the Departments of Commerce, Environment and Natural Resources, and Transportation, requiring at least one liaison from each department in each zone by January 1, 2015.

• Renames the North Carolina Board of Science and Technology to the Board of Science, Technology, and Innovation and expands its membership from 17 to 23 members to include representatives from community colleges, K-12 education, and historically black colleges or universities.