This quiet N.C. bill creates an interesting new economic development tool

S695 adds a developer-side incentive to the redevelopment districts North Carolina already allows for blighted and underdeveloped areas.

Controversial bills get almost all the attention in Raleigh. I’m going to write Monday about the elections bill, which is attracting plenty of heat even though it really shouldn’t be all that explosive, anyway.

But I also try to keep an eye on the bills that pass with little fanfare. One that caught my eye is Senate Bill 695, which now awaits Gov. Josh Stein’s signature after passing 45-0 in the Senate and 110-1 in the House.

The bill gives local governments the power to create “incentive districts,” designed to encourage development in places that are blighted, underdeveloped or otherwise struggling to attract private investment. When you dive in a little, it’s actually an interesting new economic development tool.

It’s a complicated topic, but I think it’s worth explaining. Those of you with MPA degrees can tell me if I’m wrong.

Here’s the backstory

Back in 2004, North Carolina created something called a “development financing district.” This is basically our state’s version of tax-incre…