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M <br />auo; <br />STATE OF NORTH CAROLINA ) <br />COUNTY OF LEE ) <br />1z <br />SETTLEMENT AGREEMENT <br />THI~, SETTLEMENT AGREEMENT is made and entered into this the <br />day of ASt , 2002, by and between the County of Lee, one of the <br />counties of the tate of North Carolina, hereinafter referred to as "County," the City of <br />Sanford, a municipal corporation chartered under the laws of the State of North Carolina, <br />hereinafter referred to as "City;" and AmiSub of North Carolina, Inc., a North Carolina <br />corporation trading and doing business as Central Carolina Hospital, hereinafter referred <br />to as the "Taxpayer;" <br />WITNESSETH: <br />WHEREAS, Taxpayer owns taxable property which is located within the <br />jurisdiction of both the City and County; and <br />WHEREAS, City and County have entered into a contract which provides for <br />the County to collect and remit City's ad valorem taxes; and <br />WHEREAS, pursuant to the Machinery Act, every non-exempt corporation <br />must list all taxable property it owns on January I" of each year with the Tax <br />Administrator's Office and such property is taxed for the fiscal year beginning on July I" <br />of that year and extending through June 30th of the following year; and <br />WHEREAS, it is the duty of the Tax Administrator to discover and assess <br />unlisted property and to carry out this duty, among other procedures, he utilizes the <br />services of Tax Management Associates, Inc., hereinafter referred to as "TMA," to <br />conduct audits; and <br />WHEREAS, TMA conducted an audit of Taxpayer's books and records and <br />submitted a report to the Tax Administrator, who in turn sent a notice of the discovery to <br />the Taxpayer; and <br />WHEREAS, the Taxpayer made a timely exception to the discovery, and the <br />Tax Administrator arranged a conference to afford taxpayer the opportunity to present <br />evidence or argument with regard to the discovery; and <br />WHEREAS, within 15 days of the conference, the Tax Administrator issued his <br />decision and gave written notice of it to the Taxpayer; and <br />WHEREAS, the Taxpayer made a timely request to have the Board of <br />Commissioners review the decision of the Tax Administrator; and <br />~8 Pac~1~~.8 <br />Page 1 of 5 <br />