North Carolina budget panel backs $168 M request for NCInnovation as rural grants launch $4 M projects

The NCInnovation board voted on May 27 to ask the state legislature for $28 million annually for six years—a total of $168 million—if its $500 million taxpayer‑funded endowment is reclaimed. The vote revealed a split between legislative appointees and self‑appointed directors over whether to include a “Minority Report” urging the nonprofit to retain its current statutory oversight and spending restrictions.

Separately, the North Carolina Rural Infrastructure Authority approved eight grant applications totaling $4,085,208. The projects are expected to create 396 jobs and attract more than $126 million in public and private investment, with the largest grant of over $1.8 million supporting infrastructure linked to BorgWarner’s expansion in Hendersonville.