North Carolina S1074 authorizes the City of Eden to enter into an annexation agreement with Duke Energy for payments in lieu of taxes.

North Carolina S1074 allows the City of Eden to enter into an annexation agreement with Duke Energy for payments in lieu of taxes. The City can accept annual payments totaling one million dollars ($1,000,000) from Duke Energy for five years. The agreement applies to the Dan River Plant Property, which is described in detail in the bill. The agreement is proprietary and commercial in nature, binding on the City Council of Eden for the term of the agreement and any extensions. The City of Eden is prohibited from seeking to repeal this act upon its approval by the General Assembly.

North Carolina S1074 authorizes the City of Eden to enter into an annexation agreement with Duke Energy for payments in lieu of taxes.

North Carolina S1074 allows the City of Eden to enter into an annexation agreement with Duke Energy for payments in lieu of taxes. The City can accept annual payments totaling one million dollars ($1,000,000) from Duke Energy for five years. The agreement applies to the Dan River Plant Property, which is described in detail in the bill. The agreement is proprietary and commercial in nature, binding on the City Council of Eden for the term of the agreement and any extensions. The City of Eden is prohibited from seeking to repeal this act upon its approval by the General Assembly.