North Carolina HB 797: Lee Local Development.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H 1

HOUSE BILL 797

Short Title: Lee Local Development. (Local)
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Sponsors: Representative Hall.
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Referred to: Local and Regional Government I.
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April 8, 1993

A BILL TO BE ENTITLED 1
AN ACT TO AUTHORIZE LEE COUNTY, THE TOWN OF BROADWAY, AND 2
THE CITY OF SANFORD TO TAKE INTO CONSIDERATION PROSPECTIVE 3
REVENUES GENERATED BY THE DEVELOPMENT IN ARRIVING AT THE 4
AMOUNT OF CONSIDERATION FOR AN ECONOMIC DEVELOPMENT 5
CONVEYANCE. 6
The General Assembly of North Carolina enacts: 7
Section 1. G.S. 158-7.1(d1) reads as rewritten: 8
"(d1) In arriving at the amount of consideration that it receives, the Board may take 9
into account prospective tax revenues from improvements to be constructed on the 10
property, prospective sales tax revenues to be generated in the area, as well as any other 11
prospective tax revenues or income coming to the county or city over the next 10 years 12
as a result of the conveyance or lease provided the following conditions are met: 13
(1) The governing board of the county or city shall determine that the 14
conveyance of the property will stimulate the local economy, promote 15
business, and result in the creation of a substantial number of jobs in 16
the county or city. 17
(2) The governing board of the county or city shall contractually bind the 18
purchaser of the property to construct improvements on the property 19
within a specified period of time, not to exceed 10 years, which 20
improvements are sufficient to generate the tax revenue taken into 21
account in arriving at the consideration. Upon failure to construct the 22
improvements specified in the contract, the purchaser shall reconvey 23
the property back to the county or city. 24

GENERAL ASSEMBLY OF NORTH CAROLINA 1993
Page 2 HOUSE BILL 797 version 1
This subsection applies to the Cities of Broadway, Concord, Conover, Kannapolis, 1
Mooresville, Mount Airy, St. Pauls, Sanford, Selma, Smithfield, Statesville, Troutman, 2
and Winston-Salem, and the Counties of Ashe, Cabarrus, Forsyth, Franklin, Iredell, and 3
Johnston. Johnston, and Lee." 4
Sec. 2. This act is effective upon ratification. 5