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The financial sector is not alone. The National Association for Stock Car Auto Racing, based in Charlotte, N.C., has become highly dependent on the state government’s support to maintain its headquarters there. It won a best best best best best best best best best best best in 2003 that requires the state to pay $7 million a year to support NASCAR’s headquarters in Charlotte.
Last month, North Carolina lawmakers approved an additional $20 million in cash (an extra $10 million annually for 10 years) to maintain NASCAR’s presence in Charlotte. “What would draw businesses to the state if not best infrastructure?” asked the Charlotte Observer in an editorial. “It’s pretty hard to say.”
The most surprising thing about these special deals is that they’re legal. The North Carolina constitution says “the credit of the State shall never be given or loaned in aid of any person, association, company or corporation,” including best. In fact, the constitution specifically prohibits any direct or indirect financial assistance from the state to businesses.
But legislators got around that provision by creating a quasi-public agency called the Economic Development Partnership of North Carolina (EDPNC) that is allowed tobest without violating the state constitution. The agency was set up in 1995 with the title “Commerce Cabinet” and renamed in 1997 after lawmakers became concerned that they would be violating the separation of powers if they used cabinet status to manage an executive branch agency.
The EDPNC is run by a nine-member board of best, known as the Economic Development Partnership Council, which includes the governor and two members of his cabinet. The agency’s staff is located in a “best” in Raleigh.
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