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054 <br />• <br />STATE OF NORTH CAROLINA ) INTERGOVERNMENTAL AGREEMENT <br />FOR BUSINESS PERSONAL <br />COUNTY OF LEE ) PROPERTY AUDIT SERVICES <br />THIS AGREEMENT, entered into this the 1st day of October 1996, <br />by and between LEE COUNTY, one of the counties of the State of North Carolina <br />(hereinafter the "County"), and the CITY OF SANFORD (hereinafter the "City"), <br />providing for the sharing of cost relative to contracted Business Personal Property Audit <br />Services; <br />WITNESSETH: <br />E <br />WHEREAS, the County has contracted with Tax Management Associates, Inc. <br />(hereinafter "TMA!'), to perform audits of County Business Taxpayers Personal Property <br />Listings to determine the,accuracy of such listings; and <br />WHEREAS, both the County and City expect to levy and collect additional <br />revenue, including taxes, penalties and interest, resulting from the discovery of personal <br />property having a tax situs within both the County and City which has been omitted from <br />taxpayers' listings for the current and applicable prior years, to increase the personal <br />property tax base for future years levies, and to create a more uniform and equitable <br />property tax system in both the County and City; and <br />WHEREAS, the cost of TMA audit services is based upon thirty percent (30 %) <br />of County taxes, penalties and interest assessed and collected as a result of audit <br />performed by TMA; and <br />WHEREAS, the County. and City have agreed to share the cost of TMA's audit <br />services performed upon Business Taxpayers Personal Property Listings having a tax situs <br />in both the County and City. <br />NOW, THEREFORE, in consideration of mutual promises and covenants <br />contained herein and the recitals hereto, which are contractual and an integral part of this <br />agreement, the County and City (hereinafter collectively referred to as the ( "Parties "), <br />hereby agree as follows: <br />AGREEMENT <br />1. That County will be exclusively responsible for the payment of Business <br />Personal Property Audit Fees as provided by its contractual agreement with TMA. <br />2. Based upon the results of the audits performed by TMA, the County will <br />issue applicable discovery assessments and tax billings to County Business Taxpayers, <br />CJ <br />