SB 589

Titles the act the Economic Development for Tier One Counties Act. Sets forth the act’s findings and purpose. Appropriates $400 million from the General Fund to the Department of Commerce (DOC) in nonrecurring funds for the 2025-26 fiscal year to be used to provide grants to tier one development areas as defined in GS 143B-437.08 for initiatives and projects that promote (1) self-sufficiency, (2) infrastructure improvement, (3) education or (4) workforce development. Allows DOC to spend up to 1% of funding to develop guidelines for the administration of the program that include four required elements. Specifies that the funds do not revert and instead remain available for expenditure for purposes consistent with the act. Caps grant amounts at $10 million. Specifies that if a county receives an award under the program for which it is not eligible, it forfeits the award and is liable for the amounts received. Starting on or before December 1, 2025, requires DOC to submit reports that are at least annual to specified NCGA committees containing four required elements including, total grant funding disbursed, number of county applicants, indicated uses for funding, and he actual uses of fund. Sunsets the reporting requirement when all grant funding has been exhausted. Starting on or before October 1, 2025, requires county recipients to submit reports that are at least annual to DOC to include county uses of grant funding, total balance of unspent grant funding, and any other information DOC deems necessary.