North Carolina Public Improvement Finances, Amendment 1 (2004)

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North Carolina Amendment 1, also known as the Promote Local Economic and Community Development Act was on the November 2, 2004 election ballot in North Carolina as a legislatively-referred constitutional amendment, where it was approved.[1]

Election results

Amendment 1
Approveda Yes 1,504,391 51.2%

Election results via: 2004 North Carolina State Board of Elections (timed out)

Text of measure

The language that appeared on the ballot:

Constitutional amendment to promote local economic and community development projects by (i) permitting the General Assembly to enact general laws giving counties, cities, and towns the power to finance public improvements associated with qualified private economic and community improvements within development districts, as long as the financing is secured by the additional tax revenues resulting from the enhanced property value within the development district and is not secured by a pledge of the local government's faith and credit or general taxing authority, which financing is not subject to a referendum; and (ii) permitting the owners of property in the development district to agree to a minimum tax value for their property, which is binding on future owners as long as the development district is in existence.

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