NC S472

Authorizes counties and cities to make appropriations for economic development purposes to increase population, taxable property, employment, industrial output, or business prospects.

Adds historic structure rehabilitation as a specific economic development activity, allowing counties and cities to make grants or loans for rehabilitation of commercial or noncommercial historic structures, whether publicly or privately owned.

Clarifies that economic development appropriations must be approved by the governing body after a public hearing with at least 10 days' notice, with specific disclosure requirements for real property acquisitions and improvements to private property.

Maintains a limitation that at the end of each fiscal year, a county or city's total investment in economic development activities cannot exceed 0.5% of outstanding assessed property tax valuation, subject to Local Government Commission review and approval.

Requires economic development agreements between private enterprises and local governments to clearly state responsibilities, include breach remedies, and contain provisions for recapturing appropriated funds if specified job creation, capital investment, or operational targets are not met.