To: The Honorable Mayor and Board of Commissioners From: Jackie Huffman / Gerry Vincent Subject: Approve Budget Amendment transferring Commerce Station cumulative net tax receipts to the Capital Project Fund
The interlocal agreement between the Towns of Huntersville, Cornelius, and Davidson provide that the towns will share in the net proceeds generated by Commerce Station business park. In spite of tax receipts paid on some of the properties since 2007, no receipts have been distributed because the park infrastructure is not complete. This amendment will transfer to the Commerce Station Capital Project Fund ($1,069,649) the cumulative balance of tax receipts generated by the park (net of incentives paid) from FY 2007 - 2016 to fund the current phase of road infrastructure.
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