Section 143B-437.112 - North Carolina Major Events, Games, and Attractions Fund(a) There is established the North Carolina Major Events, Games, and Attractions Fund to be administered by the Department. In order to foster job creation and investment in the economy of this State, the Department may enter into multiparty agreements with site selection organizations and local entities to provide grants in accordance with the provisions of this Part. Before entering into an agreement, the Department must find that all of the following conditions are met: (1) The economic activity directly or indirectly attributable to the major event is sufficient to justify the use of State funds to attract or retain the event in this State.(2) It is anticipated that the major event will provide positive media exposure for the State, thereby supplementing the State's efforts to promote travel and tourism within the State.(3) The site selection organization must have considered multiple sites located outside of the State for the event.(4) The site selection organization has selected a site within this State as the sole location for the event.(5) The event is not held more often than annually.(6) The project will benefit the people of this State by increasing opportunities for employment and by strengthening this State's economy.(7) The project is consistent with economic development goals for the State and for the area where it will be located.(8) A grant under this Part is necessary to attract or retain the major event within this State.(9) The total benefits of the major event to the State outweigh its costs and render the grant appropriate for the major event.(b) Effective July 1 of each calendar year, the funds remitted to the Fund by the Secretary of Revenue from the tax on sports wagering pursuant to G.S. 105-113.128 are appropriated for this purpose. In addition to the amounts remitted to the Fund pursuant to G.S. 105-113.128, the General Assembly shall determine any additional amount appropriated to the Fund. Agreements entered under this section are subject to appropriations.N.C. Gen. Stat. § 143B-437.112
Added by 2023 N.C. Sess. Laws 42, s. 2, eff. 1/8/2024.