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appropriations may be funded by levy of property taxes pursuant to G.S. 153A-149 <br /> and 160.\ 20') G.S. 160A-209. by the allocation of general fund and utility fund <br /> revenues. and by the allocation of other revenues unless the use of the other revenues <br /> for local development purposes has been expressly prohibited whose use is not <br /> otherwirse restricted by law." <br /> (b) This section applies to Chatham C ounty and the Towns of Pittsboro <br /> and Siler City. <br /> Sec. 11. (a) G.S. 158-7.1(b)(1) reads as rewritten: <br /> "(1) A county or city may acquire and develop land for an industrial <br /> park, to be used for manufacturing, assembly, fabrication, <br /> processing, warehousing, research and development, office use, or <br /> similar industrial or commercial purposes. A county may acquire <br /> land anywhere in the county, including inside of cities, for an <br /> industrial park, while a city may acquire land anywhere in the <br /> county or counties in which it is located. A county or city may <br /> develop the land by installing utilities, drainage facilities, street and <br /> transportation facilities, street lighting, and similar facilities; may <br /> demolish or rehabilitate existing structures; and may prepare the <br /> site for industrial or commercial uses. A county or city may <br /> -engage in site preparation including installation of utilities. grading, <br /> and paving for industrial properties or facilities. whether the <br /> industrial property is publicly or privately owned. Site preparation <br /> includes. but is not limited to, grading. clearing. installation of <br /> utilities. and construction and paving of roads. A county or city <br /> may convey property located in an industrial park pursuant to <br /> subsection (d) of this section." <br /> (b) This section applies only to Chatham County and the Towns of <br /> Pittsboro and Siler City. <br /> Sec. 12. (a) G.S. 158-7.1(b) is amended by adding the following new <br /> subdivision: <br /> "(6) The county or city may expend funds for or may provide for or <br /> assist in the extension of water and sewer lines to industrial <br /> properties or facilities whether the industrial property or facility is <br /> publicly or privately owned." <br /> (b) This section applies only to Chatham County and the Towns of <br /> Pittsboro and Siler City. <br /> Sec. 13. G.S. 158-7.1(d1), as amended, reads as rewritten: <br /> "(dl) In arriving at the amount of consideration that it receives, the Board may <br /> take into account prospective tax revenues from improvements to he constructed on <br /> the property, prospective sales tax revenues to be generated in the area, as well as <br /> any other prospective tax revenues or income coming to the county or city over the <br /> next 10 years as a result of the conveyance or lease provided the following conditions <br /> are met: <br /> (1) The governing board of the, county or city shall determine that the <br /> conveyance of the property will stimulate the local economy, <br /> promote business, and result in the creation of a substantial <br /> number of jobs in the county or city. <br /> (2) The governing board of the county or city shall contractually bind <br /> the purchaser of the property to construct improvements on the <br /> property within a specified period of time, not to exceed 10 years, <br /> which improvements are sufficient to generate the tax revenue <br /> taken into account in arriving at the consideration. Upon failure <br /> Page 8 Senate Bill S09 <br />