NC S482

Establishes the Site Development Revolving Assistance Fund administered by the Rural Infrastructure Authority to provide financial assistance to local government units for site development projects to attract or expand businesses.

Appropriates $100,000,000 from the General Fund to the Site Development Revolving Assistance Fund for eligible projects.

Site assistance funds may be used for equipment installation, structural repairs and building construction, and utility infrastructure improvements necessary to prepare sites for sale to businesses.

The Rural Infrastructure Authority must evaluate applications using nine prioritization factors including economic impact, project costs versus benefits, likelihood of site utilization, and the local government's history of economic development investment.

Site assistance awards are subject to a 2% fee, with loan terms capped at 4% annual interest and 20-year maximum maturity, and require approval by the Local Government Commission.