Title: S.L. 2009-524
Subject: Session Law 2009-524
Category: Introduced Bill 2009

General Assembly Of North Carolina	Session 2009

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009

SESSION LAW 2009-524
SENATE BILL 898

AN ACT to modify the exception for two‑county industrial parks for development tier designation purposes.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 143B‑437.08(g) reads as rewritten:
"(g)	Exception for Two‑County Industrial Park. – An eligible two‑county industrial park has the lower development tier designation of the designations of the two counties in which it is located if it meets all of the following conditions:
(1)	It is located in two contiguous counties, one of which has a lower development tier designation than the other.
(2)	At least one‑fifth of the park is located in the county with the lower tier designation.
(3)	It is owned by the two counties or a joint agency of the counties, is under contractual control of designated agencies working on behalf of both counties, or is subject to a development agreement between both counties and third‑party owners.
(4)	The county with the lower tier designation contributed at least the lesser of one‑half of the cost of developing the park or a proportion of the cost of developing the park equal to the proportion of land in the park located in the county with the lower tier designation.
(5)	For parks established on or after August 1, 2009, when more than one‑half of the park is located in the higher‑tiered county, the counties have entered into an interlocal agreement that provides that the incremental increase in property tax revenues within the park shall be shared equally by the counties."SECTION 2.  This act is effective when it becomes law and expires July 1, 2012.
In the General Assembly read three times and ratified this the 11^th day of August, 2009.

	s/	 Walter H. Dalton
	 President of the Senate

	s/	 Joe Hackney
	 Speaker of the House of Representatives

	s/	 Beverly E. Perdue
	 Governor

Approved 3:37 p.m. this 26^th day of August, 2009

Page 	Session Law 2009-524	Senate Bill 898*

Senate Bill 898*	Session Law 2009-524	Page

*S898-v-4*