AG 2016 06 20 - Laserfiche WebLink

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Division of Employment Security, for the most recent period for which data is available. (2) The governing board of the county or city shall contractually bind the purchaser of the property to construct, within a specified period of time not to exceed five years, improvements on the property that will generate the tax revenue taken into account in arriving at the consideration. Upon failure to construct the improvements specified in the contract, the purchaser shall reconvey the property back to the county or city. (e) Local Government Budget and Fiscal Control Act. — All appropriations and expenditures pursuant to s 4 s tions (b) and (e) of this section shall be subject to the provisions of the Local Government Budget and Fiscal Control Acts of the North Carolina General Statutes, respectively, for cities and counties and shall be listed in the annual financial report the county or city submits to the Local Government Commission. The budget format for each such governing body shall make such disclosures in such detail as the Local Government Commission may by rule and regulation direct. (f) Limitation. — At the end of each fiscal year, the total of the following for each county and city may not exceed one -half of one percent (0.5 %) of the outstanding assessed property tax valuation for the county or city as of January 1 preceding the beginning of the fiscal year: (1) The investment in property acquired at any time under subdivisions (b)(1) through (b)(4) of this section and owned at the end of the fiscal year. (2) The amount expended during the fiscal year under subdivisions (b)(5) and (b)(7) of this section. (3) The amount of tax revenue that was taken into account under subsection (d2) of this section and was expected to be received during the fiscal year. The Local Government Commission shall review the annual financial reports filed by counties and cities to determine if any county or city has exceeded the limit set by this subsection. If the Commission finds that a county or city has exceeded this limit, it shall notify the county or city. A county or city that receives a notice from the Commission under this subsection must submit to the Commission for its review and approval any appropriation or expenditure the county or city proposes to make under this section during the next three fiscal years. The Commission shall not approve an appropriation or expenditure that would cause a county or city to exceed the limit set by this subsection. (g) Repealed by Session Laws 1989, c. 374, s. 1. (h) Economic Development Agreement. — Each economic development agreement entered into between a private enterprise and a city or county shall clearly state their respective responsibilities under the agreement. Each agreement shall contain provisions regarding remedies for a breach of those responsibilities on the part of the private enterprise. These provisions shall include a provision requiring the recapture of sums appropriated or expended by the city or county upon the occurrence of events specified in the agreement. Events that would require the city or county to recapture funds would include the creation of fewer jobs than specified in the agreement, a lower capital investment than specified in the agreement, and failing to maintain operations at a specified level for a period of time specified in the agreement." Attachment number 1 \n Senate Bill 472 - Ratified Session Law 2015 -277 Page 3 G -3 Page 3 86