HomeMy WebLinkAboutC.054.93009_1846I . Dc in' For the purpose of this Agreement, "heck Neck" is defined as
being all that land in Mecklenburg County which is connected by land to Iredell County and
not connected by land to Mecklenburg County and the area of Lake Norman in Mecklenburg
County extending out from such land, all as more specifically defined in that draft legislation
prepared with respect to the transfer of Meek Neck to Iredell County included as Exhibit A
to this Agreement.
2. Leeislation. The Iredell County Board of Commissioners and the
Mecklenburg County Board of Commissioners agree to present to their respective Legislative
Delegations to the General Assembly draft legislation which would transfer the property
known as Meck Neck from Mecklenburg County to Iredell County effective July 1, 1998 in
the form as that included as Exhibit A to this Agreement.
3. Tuition Char2e . Iredell County agrees to pay, on behalf of residents of
Meck Neck, all tuition charges which might be imposed by the Iredell County Board of
Education on children living in Meek Neck who attend schools operated by the Iredell
County Board of Education from and after the effective date of this Agreement through the
date that Meck Neck is transferred to Iredell County.
4. Compensation. Iredell County agrees to pay to Mecklenburg County during
each of the first ten (10) fiscal years following the date of transfer of Meek Neck from
Mecklenburg County to Iredell County the amount of One Hundred Thousand Dollars
($100,000-00) per yearplus the "Additional Amount" as defined below, if any, for each of
the following nine (9) fiscal years. The Additional Amount is e(jual to the value of all real
and personal property having a tax situs in Meck Neck which is subject to ad valorem
taxation for each fiscal year for which it payment is to be made minus the value of all real
and personal property having a tax situs in Meck Neck which is subject to ad valorem
taxation during the Base Year divided by the tax value of all real and personal property
having a tax situs in Meck Neck which is subject to ad valorem taxation during the Base
Year times $100,000.00, The Base Year shall be the fiscal year in which the property is
transferred to Iredell County or the following fiscal year if the tax values of such real and
personal property which is subject to ad valorem taxation in the following fiscal year is an
amount less than the value in the fiscal year in which the property is transferred to Iredell
County. The first payment to be made by Iredell County to Mecklenburg County, assuming
transfer of Meck Neck will take place on July 1, 1998, shall be January 15, 1999, with
subsequent payments to be made on January 15 of each of the following nine (9) fiscal years
thereafter. If the transfer of Meck Neck takes place on some date after July 1, 1998, the
first payment will be made on January 15 of the calendar year following the date of transfer
of Meck Neck to Iredell County, Iredell County shall certify to tile Mecklenburg County
Manager the value of all real and personal property having a tax situs in Meck Neck which is
subject to ad valorem taxation during the Base Year as soon as it is determined. Iredell
County shall also certify to the Mecklenburg County Manager the tax value information used
to calculate the Additional Amount during each of the nine (9) years following the Base Year
at the time the annual payments are made,
5. Term This Agreement shall terminate when the tenth and
final payment to be made by Iredell County to Mecklenburg County pursuant to Section 4 of
this Agreement is made.
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