BC 2007 11 19 Regular - Laserfiche WebLink

Home Browse Search

November 19, 2007 (Regular Meeting) Page 614 across the nation to connect health care providers by high speed Internet access and expressed appreciation to the elected officials for their involvement. (D) INFORMAL PUBLIC COMMENTS Chairman Carruth opened the meeting for Informal Public Comments at 6:90 p.m. He stated each speaker would be limited to 3 minutes. Jerry Williamson, resident of 2206 Moose Road in Kannapolis, addressed the following issues: dismissal of other county officials without censorship; the amount of money spent on attorney salaries; personal vendettas; and incentives offered to Bruton Smith. David Bradford, resident of 215 Old Airport Road in Concord, asked the Board to leave Commissioner Privette alone. He said Commissioner Privette does a lot for the County, is a voice for the senior citizens that live on fixed incomes and he does his homework. There was no one else to address the Board; therefore, Chairman Carruth closed that portion of the meeting. OLD BUSINESS (E-1) Tax Increment Financing (TIF) - Interloaal Agreement Steve Cordell, the County's Bond Attorney, presented the following substantially completed final version of the TIF Interlocal Agreement and reviewed the provisions of the Agreement. Joe Niggel, the County's Underwriter, was also present. It was noted that portions of the Agreement cannot be completed until the bonds are sold. INTERGOVERNMENTAL AGREEMENT BETWEEN CITY OF KANNAPOLIS, NORTH CAROLINA AND CABARRUS COUNTY, NORTH CAROLINA Dated as of [MONTH] 1, 2007 Relating to North Carolina Research Campus Project Development Financing District INTERGOVERNMENTAL AGREEMENT This INTERGOVERNMENTAL AGREEMENT (the "Interlocal Agreement"), made and entered into as of [Month] 1, 2007, between the City of Kannapolis, North Carolina, a political subdivision and a municipal corporation created and existing under the laws of the State of North Carolina (the "City") and Cabarrus County, North Carolina (the "County") a political subdivision and a county created and existing under the laws of the State of North Carolina; WITNESSETH: WHEREAS, pursuant to Section 15B-7.3 of the General Statutes of North Carolina, as amended (the "Development District Act"), the cities and counties of the State of North Carolina are authorized to define a development financing district and to finance public improvements that are part of a development project with the proceeds of project development financing debt instruments, issued pursuant to Article 6 of Chapter 159 of the General Statues of the State of North Carolina, as amended (the "Bond Act"); and WHEREAS, under the terms of the Bond Act, if the private development project to be benefited by proposed project development financing debt instruments affects tax revenues in more than one unit of local government and more than one affected unit of local government wishes to provide assistance to theprivate development project by issuing project development financing debt instruments, then those units may enter into an interlocal agreement pursuant to Article 20 of Chapter 160A of the General Statutes of North Carolina for the purpose of issuing the instruments and such agreement may include a provision that a unit may pledge all or any part of the taxes received or to be received on the incremental valuation accruing to the development financing district (the "Incremental Revenues") to the repayment