1971 - 05-17-71 Adj. Reg. Meeting

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(County):. CA-1 nuo-52481 BOOK Region III April 1969 7 PAGt - S Y t, COOPEPAT I ON Ai:RK1:M1-:NT 'I'hi.s P•S; r:•cnu•nC <;n Ce rc;d i_n Co thi.ti d:,y of by and between (herein called the "Local '.uthority") and (herein called the "County"), Witnesseth: 1'.) OF LEE - In consLdcrati.on of the mutual covenants hereinafter set forth, the parties hereto do ac;rc,c. as I:a7.lows: 1. Whenever used in this A.greemant: (a) Vne tern "P',-oject" shall mean any low-rent housing hereafter developed as an entity by the Local Authority with financial assistance of the UNITED STATES OF ArtUGiCA (herein called the "Government"), excluding, however, any low-rent housing project heretofore covered by any contract for loans and annual contributions. (b) The 4enm "Taxing Body" .sha11 mean the State or any political subdivision or ta>_i.ng unit the-e.of in whici, a Project is situated and which would have to assess or levy real or personal property tares or to certify. such taxes to a taxing body or Public officer to be levied for its use and benefit with respect to a Project if it were not exempt from ta::ation. (c) The term "Shelter Rent" shall mean *_hc total of all charges to all tenants of a Project for dwelling rents and nondwelling rents (excluding all other in- come of such Project), less the cost to the Local Authority of all dwelling and nondwelling utilities. (d) The term "Slum" shall mean any area where dwellings predominate which, by reason of dilapidation., overcrowding, faulty arrangement or design, lack.of: ventilation, tight or sanitation [acilities, or any combination of these factors, - - are detrLuental to safety, health or morals. , 2. The Local Authority shall endeavor (a) to secure a contract or contracts with the Government forliooo and annun7. contr~i.butions covering one or more Projects comprising approximately 2--units of low-rent housing and,(b) to develop and administer such Project or Projects, .each of- which shall be located within Lee County- N6xth Carolina but outside the corporate limits of the City of Sanford.: North Carolina This Agreement shall ...A_i.....1 S.ve. - _ apply c tc"those units located outside the corporate lm is of any City or Town and shJ 1 automatically terminate with respect to any units which are brought within the corporate limits of any City or Town and which are covered by a separate Coopera- tion Agrecrico. betweer, the, governing body of such incorporated area and tiie Local Autho i y. 3. (a) . Under the constit,ition and statutes of the State _ of { Nnrt.h.Carnlina all Projects are exempt from all real and personal pro- perty taxes levied or imposed by any Taxing Body, With respect to any Project, so Ion" cithes (i) such Project is owned by , public body or government agency and used for low-rent housing purposes; or (ii) any contract between the Local _uthorit, and the Coverr.aent for loans or annual contributions, or both, in connection with such Project remains in force and effect; or (iii) any bonds 4ssuod in connection with such Project or any monies due to the Government in connection with such Pro- ject remain unpaid, whichever period is the longest, the Municipality a.srees that it will not levy or im.pose any real or personal property taxes upon such Project or upon the Local Authority with respect thereto. During such period, the Local Authority shall make annual payments (herein: called "Payments in Lieu of Taxes") in lieu of such taxes and in Payment for the public services and facilities furnished from time to time with- out other cost or charge for or with respect to such Project.