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5,{ <br /> <br />PUBLIC HEARING RE= <br />PROPOSED REVENUE <br />AND:ECONOMIC <br />GROWTH SHARING <br />AGREEMENT <br /> <br />THINGS HAPPEN, CALLING FOR STRUCTURED ACTIVITIES AND A SERIOUS LOOK <br /> <br />AT THE POSITION OF COMMUNITY DEVELOPER. <br /> <br /> MAYOR BUCK ALSO THANKED THE CITIZENS FOR EXPRESSING THEIR INTERESTS. <br /> MAYOR BUCK OPENED THE PUBLIC HEARING EXPLAINING THAT THE REVENUE <br /> <br />SHARING AGREEMENT IS A RESULT OF EIGHTEEN MONTHS OF NEGOTIATION AND <br /> <br />PROVIDES FOR THE SHARING OF REVENUE IN LIEU OF THE ANNEXATION OF LAND. <br />HE INDICATED THAT A PUBLIC HEARING IS REQUIRED BY STATUE IN ORDER TO <br />GIVE THE PUBLIC AN OPPORTUNITY TO VOICE THEIR OPINION AS TO WHETHER <br /> <br /> CITY COUNCIL SHOULD SIGN THE PROPOSED AGREEMENT. MR. BUCK STATED THAT <br /> <br /> COUNCIL HAS EXPRESSED ITS OPINION BUT NO ~RREVOCABLE DEVISIONS HAVE <br /> <br /> BEEN MADE AND THAT THE SIGNING OF THE AGREEMENT IS SUBJECT TO THE <br /> FEELINGS OF THE COMMUNITY. <br /> <br /> MR, BUCK EXPLAINED THAT THE AGREEMENT PROVIDES FOR AN INDEFINITE <br /> PERIOD OF TIME AN OPPORTUNITY FOR THE CITY TO SHARE IN THE REVENUES <br /> <br /> GENERATED BY ALBEMARLE COUNTY. HE STATED THAT THE REMENUE SHARING <br /> <br /> FORMULA IS BASED ON THE POPULATION OF EACH COMMUNITY, THE TAX BASE <br /> <br /> AND THE RELATIVE TAX EFFORT BASED ON THE TRUE TAX RATE ON PROPERTY TAXES. <br /> <br /> MR. BUCK STATED THAT IT I'S ESTIMATED THAT THE CITY (}WILL RECEIVE <br /> $1.3 MILLION IN REVENUES (TO BE RECEIVED IN JANUARY 1983) AND OVER A <br /> TEN YEAR PERIOD OF TIME APPROXIMATELY $18,000,000 - $19,000,000. MR. <br /> <br /> BUCK CONTINUED TO EXPLAIN THAT THE REVENUE SHARING FORMULA WORKS SO <br /> <br /> THAT IT IS THEORETICALLY POSSIBLE IF FINANCIAL NEEDS WERE REVERSED, <br /> <br /> FOR THE CITY TO PAY THE COUNTY. HE ALSO STATED THAT BY SIGNING THIS <br /> AGREEMENT, THE CITY RELINQUISHES ITS RIGHT TO ANNEX LAND IN THE <br /> COUNTY ACCORDING TO COURT PROCEDURES. <br /> <br /> PEGGY KING OF THE LEAGUE OF WOMEN VOTERS COMMENDED THE CITY FOR <br /> <br /> ITS SUCCESSFUL EFFORTS AND THE UNITY AND SPIRIT EXHIBITED BY THE <br /> <br /> NEGOTIATING TEAM. MRS. KING COMMENTED THAT IT IS ESSENTIAL THAT <br /> <br /> THE P~OPOSED AGREEMENT BE FULLY UNDERSTOOD BY THE PUBLIC AND THAT <br /> <br /> EACH CITIZEN SHOULD EVALUATE THE PROPOSAL THOROUGHLY. <br /> <br /> JAMES KING, SPEAKING AS AN INDIVIDUAL, CALLED THE REVENUE <br /> <br /> SHARING FORMULA A BRILLIANT PROPOSAL. HE STATED THAT IT IS A FAIR <br /> <br /> FORMULA BASED ON OBJECTIVE STANDARDS THAT WILL BRING ABOUT A <br /> <br /> NEW LEVEL OF COOPERATION. <br /> MAYOR BUCK CLOSED THE PUBLIC HEARING. <br /> <br /> MR. CONOVER STATED THAT COUNCIL AND THE PUBLIC ARE FAMILIAR WITH <br /> <br /> THE AGREEMENT, SINCE THEY HAVE LIVED WITH IT FOR THE PAST TWO YEARS. <br /> <br /> MR. CONOVER CALLED THE AGREEMENT A PRUDENT AND INTELLIGENT COURSE OF <br /> <br /> ACTION. <br /> <br /> MRS. GLEASON REITERATED MR. CONOVER~S STATEMENTS. <br /> <br /> ON MOTION BY MR. CONOVER SECONDED BY DR. HALL, THE FOLLOWING <br /> RESOLUTION WAS UNANIMOUSLY ADOPTED BY COUNCIL: <br /> <br /> WHEREAS, THE NEGOTIATORS APPOINTED BY THIS COUNCIL AND BY <br /> THE BOARD OF SUPERVISORS OF 'ALBEMARLE COUNTY HAVE PROPOSED TO THOSE <br /> TWO BODIES AN AGREEMENT WHEREBY THE CITY WOULD RELINQUISH THE RIGHT <br /> TO SPEAK ANNEXATION OF COUNTY TERRITORY IN RETURN FOR THE PARTICIPATION <br /> BY THE COUNTY IN A REVENUE AND ECONOMIC GROWTH SHARING LOAN; AND <br /> <br /> WHEREAS, THAT PROPOSED AGREEMENT HAS BEEN THE SUBJECT OF A PUBLIC <br /> HEARING BEFORE THIS COUNCIL ON MARCH 15, 1982, ADVERTISED AS <br /> REQUIRED BY VIRGINIA CODE SECTION 15~1-1167; AND <br /> <br /> WHEREAS, THAT PROPOSED AGREEMENT HAS BEEN THE SUBJECT OF A <br /> PUBLIC HEARING <br /> <br /> <br />