§ 146-22.4. Acquisition of wetlands from private mitigation banking companies. - North Carolina Statutes

§ 146‑22.4.  Acquisitionof wetlands from private mitigation banking companies.

(a)        Payment for Taxes.– A State agency that acquires wetlands from a private mitigation bankingcompany must pay a sum in lieu of ad valorem taxes to the county where the wetlandsare located. The sum is equal to the estimated amount of ad valorem taxes thatwould have accrued for the next 20 years as computed in G.S. 146‑22.3(c).

(b)        Requirement forAcquisition. – A State agency may require, as a condition of accepting a donationof wetlands by a private mitigation banking company, that the company makeadequate provisions for the long‑term maintenance and management of thewetlands. These provisions may include reimbursement to the agency for paymentof a sum in lieu of ad valorem taxes.

(c)        Application. – Thissection applies only to land acquired in counties designated as a developmenttier one area under G.S. 143B‑437.08. (2004‑188, s. 5; 2006‑252, s. 2.15.)