NC S224

Appropriates $3,175,000 in nonrecurring General Fund money to the Department of Commerce for the 2023-2024 fiscal year to allocate to East Market Street Development Corporation for economic development and community building in East Greensboro.

Allocates funds across nine categories: $100,000 for exterior building improvements; $250,000 for vacant building rehabilitation; $200,000 for site identification; $200,000 for marketing; $150,000 for healthcare provider incentives; $75,000 for postsecondary education in collaboration with Guilford Works; $600,000 for neighborhood revitalization; $250,000 for entrepreneurial training; and $1,350,000 for minority-owned business support.

Requires East Market Street Development Corporation to submit preliminary statements to the Department detailing specific fund use, maximum dollar amounts, intended beneficiaries, expected economic benefits, and for minority-owned businesses, any committed contributions.

Mandates the Department award funds to the nonprofit within 10 days of receiving preliminary statements and report to specified legislative committees by September 1, 2023, and September 1, 2024, on fund usage.

Requires all unspent or unencumbered funds to be returned to the Department of Commerce and reverted to the General Fund by June 30, 2025.