| Title |
Industrial Development Fund |
| Agency |
Department of Commerce
Commerce Finance Center
|
| Web |
http://www.nccommerce.com/en/CommunityServices/CommunityDevelopmentGrants/IndustrialDevelopmentFund/ |
| Description |
Basic IDF assists town, city or county governments with incentive industrial financing, for those industries eligible through the Article 3J Tax Credits Act, in areas of the State designated as one of the 65 most distressed counties. As an incentive for job creation by new or expanding industry, local units of government offer assistance for improved infrastructure (in the form of grants) or for building renovation and equipment (in the form of loans). The fund may not be used for acquiring land or buildings or for constructing new buildings. For either grants or loans, the amount funded depends on the number of new, full-time jobs created. A full-time job is defined as a minimum of 40 hours per week and meeting all the criteria of the Article 3J Tax Credits Act. The funding level of each project is determined by the Secretary of Commerce but cannot exceed $5,000 per job or $500,000 per project, as determined by the legislature. |
| Grantee Eligibility |
Units of Local Government designated as one of the 65 most distressed counties in conjunction with a project company that commits to create new jobs. Businesses that are eliglible for Article 3J Tax Credits qualify for IDF funding. Grants to applicants for infrastructure improvements must be publically owned and maintained. This includes construction or improvements to water, sewer, natural gas, rail, public access road, and electrical utility systems. |
| Fund |
24600-2711 |
| State |
$320,107.00 |
| Federal |
Federal Amount not specified |
| Other |
Other Amount not specified |
| Funding Year |
2008-2009 |
| Keywords |
economic development, business incentives, job creation, business loans, strokes |
| Assistance |
project grants |
|