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Mayor Tot tin of 11t11tinruugI Town Clerk <br /> Frank H. Sheffield, Jr. Agatha Johnson <br /> HILLSBOROUGH, NORTH CAROLINA 27278 Supt. Water Works <br /> Commissioners James Pendergraph <br /> Myron L. Martin <br /> Street Supt. <br /> Horace H. Johnson L.D.L.D. Wagoner <br /> Allen A. Lloyd , Chief of Police <br /> Remus J. Smith <br /> Rachel H. Stevens ` Arnold W. Hamlett <br /> 10114 Fire Chief <br /> . ' _ John Forrest <br /> Pf <br /> April 3, 1987 <br /> Orange County Board of Commissioners <br /> 106 East Margaret Lane <br /> Hillsborough, North Carolina 27278 <br /> Dear Commissioners: <br /> I have been told that special legislation is being considered to <br /> enable Orange County to levy a transfer .tax on the conveyance of real <br /> estate. <br /> I am not familiar with the details of how this legislation might <br /> be worded. How much revenue this tax would produce for the Town of <br /> Hillsborough is not yet clear. <br /> The pace of property development in and around Hillsborough, <br /> involving in most instances transfers of property ownerships, is a <br /> sign of prosperity but also a trend which will be placing a consider- <br /> able financial burden on Hillsborough for capital improvements such as <br /> thoroughfares, sewers and parks. The money to accomplish these improve- <br /> ments is not now in sight. <br /> The question of a transfer tax has not been discussed by our town <br /> board. What I can say now is that the town will need money to accomo- <br /> date the community growth. When all aspects of the transfer tax take <br /> shape, this may prove to be a helpful and equitable way to pay some of <br /> the cost of growth. <br /> I am sure that the Town Board would need more information about <br /> the transfer tax and its effect on the Town of Hillsborough before <br /> taking any position on this legislation. <br /> Sincerely, <br /> W_ 4/ caerAdi <br /> Frank H. Sheffield, Jr. <br /> Mayor <br /> FHS/jc <br />