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539 <br /> <br /> The Board of Commissioners for the County of Cabarrus met in regular <br />session at the County Courthouse in Concord, North Carolina, on Monday, <br />October 6, 1986, at 9:30 A.M. <br /> Present - Chairman: James W. Lentz <br /> Commissioners: Kenneth F. Payne <br /> William G. Hamby, Jr. <br /> Archie Y. Barnhardt <br /> Marcelle M. Upright <br /> The invocation was given by Reverend David T. Lord of the Bethel Wesleyan <br />Church. <br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Barnhardt and <br />unanimously carried, the minutes of September 15, 22, and 25, 1986, were <br />approved as written. <br /> Mr. Fletcher L. Hartsell, Jr., County Attorney, reviewed the proposed <br />Railroad Tax Equalization Suit Voluntary Dismissal for litigation that had <br />been pending for some time. He recommended that the Board authorize Mr. John <br />R. Boger, Jr., previous County Attorney, to execute the agreement for the <br />settlement as Mr. Boger is presently the counsel of record in the suit. <br /> UPON MOTION of Commissioner Payne, seconded by Chairman Lentz and unani- <br />mously carried, the Board authorized Mr. John R. Boger, Jr., to sign the <br />following agreement concerning taxes for the railroads. <br /> <br />September 9, 1986 <br /> <br />Mr. John R. Boger, Jr. <br />Williams, Boger, Grady, Davis & Tuttle, P.A. <br />P. O. Box 810 <br />147 Union Street <br />Concord, North Carolina 28026 <br /> <br />Re .' <br /> <br />High Point, Thomasville and Denton Railroad Company, et <br />al. v. Mark G. Lynch, etc., et al.; <br />Civil Action No. 83-1243-CIV-5 - Cabarrus County <br /> <br />Dear Mr. Boger: <br /> <br /> The plaintiff railroad companies in the above-entitled action ("the <br />railroads") hereby offer to resolve matters related to their entitlement to <br />equalization relief under the Railroad Revitalization and Regulatory Reform <br />Act of 1976 with respect to Cabarrus County property tax assessments for the <br />1982 tax year as follows: <br /> <br /> 1. The railroads' tax liabilities for the 1982 tax year will be deter- <br />mined based upon this agreement (a) that the ratio of the value of locally <br />assessed real and personal commercial and industrial property to the true <br />market value of such property in Cabarrus County for 1982 is 44.06% and (b) <br />that the railroads' system property (including both real and personal property) <br />allocated to Cabarrus County shall therefore be taxed at 44.06% of the value <br />of such property certified to Cabarrus County for the 1982 tax year by the <br />North Carolina Department of Revenue pursuant to North Carolina General <br />Statutes §105-340. <br /> <br /> 2. Cabarrus County reappraised in 1983 and produced its own ratio study <br />for that tax year showing a median ratio of 95%. Under the Railroad Revi- <br />talization and Regulatory Reform Act, the railroads are not entitled to <br />equalization relief unless the median ratio of locally assessed commercial and <br />industrial property to the true market value of such property is less than <br />95%. Therefore, the railroads' tax liabilities for the 1983 tax year will be <br />determined based upon this agreement (a) that the ratio of the value of <br />locally assessed real and personal commercial and industrial property to the <br />true market value of such property in Cabarrus County for 1983 is 100% and (b) <br />that the railroads' system property (including both real and personal property) <br />allocated to Cabarrus County shall therefore be taxed at 100% of the value of <br />such property certified to Cabarrus County for the 1983 tax year by the North <br />Carolina Department of Revenue pursuant to North Carolina General Statutes <br />§105-340. <br /> <br /> 3. This agreement shall be deemed to establish only the percentage by <br />which the true value of the railroads' system property will be reduced to <br /> <br /> <br />