§ 158-7.4. Interlocal agreements concerning economic development. - North Carolina Statutes

§ 158‑7.4.  Interlocal agreements concerningeconomic development.

(a)        Any two or more units of local government may enter intocontracts or agreements to execute undertakings pursuant to Part 1 of Article20 of Chapter 160A of the General Statutes, under which each participatinglocal government agrees to provide resources for the development of anindustrial or commercial park or industrial or commercial site pursuant to G.S.158‑7.1. In consideration for that participation, the unit or units inwhich the park or site is located may agree to place the proceeds from some orall property taxes levied on the park or site into a common fund or transferthose proceeds to a nonprofit corporation or other entity. The proceeds placedinto the common fund or transferred to the other entity may then be distributedamong the participating local governments as provided in the contract oragreement.

(b)        Any undertaking entered into pursuant to this section may befor that period that is agreed to by the participating local governments, up toa maximum of 99 years.

(c)        Any undertaking entered into pursuant to this section isbinding upon each participating local government for the duration of thecontract or agreement. Any participating local government may bring an actionto specifically enforce the contract or agreement. (2003‑417, s. 2; 2005‑72, s. 1.)