A BILL TO BE ENTITLED
AN ACT to ALLOW THE CITY OF EDEN TO NEGOTIATE ANNEXATION CONTRACTS.
The General Assembly of North Carolina enacts:
SECTION 1.  The City of Eden may, by contract, provide that certain property described in the contract may not be annexed by the City under Article 4A of Chapter 160A of the General Statutes prior to December 31, 2038. Nothing in this act impairs the right of the General Assembly to annex any such property by specific local act.
SECTION 2.  The City of Eden may accept, as consideration for such contract, "payments in lieu of taxes."
SECTION 3.  Payments in lieu of taxes under this act shall be annually computed based upon the tax valuations of the properties subject to contracts under Section 1 of this act as determined by the Rockingham County Tax Department, with the formula for making the computation being stated in each contract.
SECTION 4.  Contracts under Section 1 of this act apply only to the following described properties: Miller Brewing Company TRACTS I and II as described in Section 4 of S.L. 2002-74, which descriptions are incorporated by reference in this act.
SECTION 5.  This act does not affect the validity of S.L. 2002‑74 which restricted certain annexations by the City of Eden through December 31, 2013.
SECTION 6.  This act is effective when it becomes law.