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Thomas E. Nettleman <br />Coming Incorporated <br />Telecommunications Products Division <br />P.O. Box 1700 <br />Concord, NC 28026-1700 <br />704-569-6000 <br /> <br />CORNING <br /> <br />June 15, 1998 <br /> <br />Mr. Frank Clifton, County Manager <br />Cabarrus County <br />P.O. Box 707 <br />Concord, NC 28026-0707 <br /> <br />Dar Frank: <br /> <br />It has come to my attention that Cabarrus County is attempting to pursue the application <br />of capital interest to the Coming property varuation for taxation purposes. We at <br />Coming have several concerns. <br /> <br />It is our understanding that in North Carolina, the legality of capital interest remains <br />unclear, and as a result has not generally been applied to the valuation of property for <br />taxation purposes. In our experience elsewhere in North Carolina, we have not been <br />subject to valuation including capital interest. At our Wilmington operation, we have <br />invested and expanded facilities and equipment since 1966, to a total value of many <br />hundreds of millions of dollars. Throughout this growth and expansion, New Hanover <br />County has never pursued capital interest in our valuation. Further, as Coming <br />investigated various sites for location of our new facility, in North Carolina and <br />elsewhere, we were never informed of any unique intent by Cabarms County to apply <br />capital interest to our tax base. <br /> <br />It is also my understanding that in Cabarrus County, capital interest is not being applied <br />universally to all property. If the application of capital interest were ruled proper, then <br />such application cannot be limited to specific projects like ours. <br /> <br />Lastly, it is known that the General Assembly is investigating this issue and will likely <br />end the confusion by eliminating the application of capital interest, and may do so this <br />year. <br /> <br /> <br />