The News & Observer of Raleigh reported Thursday that Pat McCrory attended a fundraiser last week where Tommy Pollard, a board member in the late 1980s, helped raised more than $50,000.
In 1989, the state examined Pollard's efforts to push for traffic lights at an intersection where he owned property.
Investigators said no laws were broken.
McCrory campaign strategist Jack Hawke said the situation is very different from conflict allegations made against a board member raising money for Democratic nominee Beverly Perdue.
Louis Sewell resigned from the board last week.
Perdue identified Sewell months ago as a fundraiser for her campaign.