NC S591

Creates the Site and Building Development Fund within the Department of Commerce to provide loans to local government units for acquiring and developing qualified business facilities.

Establishes loan terms including maximum 15-year duration, zero percent interest for tier one counties, one percent for tier two counties, and two percent for tier three counties, with loans due upon sale or long-term lease of the facility.

Requires loans to be secured by first deed of trust on the qualified business facility and mandates that entities leasing or purchasing the facility cannot use it for retail, professional office, sporting event, museum, or governmental purposes for at least five years.

Directs the Department to develop selection guidelines and a development plan updated every four years, with preference given to qualified business facilities in rural or less-developed areas and consideration of state economic development goals.

Requires annual reporting to the Joint Legislative Commission on Governmental Operations detailing outstanding loans, approved applications, defaults, and repayment information until the Fund has no remaining assets.