AN ACT TO ALLOW THE CITY OF EDEN TO NEGOTIATE ANNEXATION CONTRACTS.

The General Assembly of North Carolina enacts:

SECTION 1.  The City of Eden may, by contract, provide that certain property described in the contract may not be annexed by the City under Part 2 or 3 of Article 4A of Chapter 160A of the General Statutes prior to December 31, 2013.  Nothing in this act impairs the right of the General Assembly to annex any such property by specific local act.
SECTION 2.  The City of Eden may accept, as consideration for such contract, "Payments in lieu of taxes".
SECTION 3.  Payments in lieu of taxes under this act shall be annually computed based upon the tax valuations of the properties subject to contracts under Section 1 of this act as determined by the Rockingham County Tax Department, with the formula for making the computation being stated in each contract.
SECTION 4.  Contracts under Section 1 of this act apply only to the following described properties:
PARKDALE DESCRIPTION
LYING AND BEING in Rockingham County, and beginning at a found iron marking the Northwest corner of that tract of land described in deed recorded in Deed Book 240, Page 406 to which reference is hereby made; thence North 55 degrees 04 minutes 20 seconds East 2,276.89 feet to a Spanish Oak in the West edge of what was formerly the old Marrowbone Road; thence North 35 degrees 02 minutes 30 seconds West 93.15 feet; thence North 55 degrees 04 minutes 20 seconds East 40 feet to a corner in North Carolina Highway No. 87; thence South 36 degrees 38 minutes 50 seconds East 93.15 feet to a point in the North Carolina Highway No. 87; thence South 36 degrees 38 minutes 50 seconds East 606.85 feet to a point: thence South 39 degrees 30 minutes East 511 feet to an iron on the West side of North Carolina Highway No. 87; thence South 49 degrees 57 minutes 40 seconds West 810.86 feet to a point; thence South 47 degrees 55 minutes 40 seconds West 1,651.87 feet to a found iron; thence North 32 degrees 02 minutes 30 seconds West 1,397.84 feet to the POINT OF BEGINNING, same being all of that parcel or tract of land conveyed by Carroll Knits, Inc. to Macfield by Deed dated October 7, 1976.
The above description taken from Deed Book 787, Page 790, Rockingham County Registry.
The above described property is further described pursuant to a more current survey as follows:
BEGINNING at an existing iron stake located within the right of way of NC Highway 87, said beginning point marking the northeast corner of Beatrice W. Austin (Book 596, Page 249); thence leaving NC Highway 87 South 50 degrees 16 minutes 46 seconds West 199.18 feet to an existing iron stake, South 50 degrees 7 minutes 39 seconds West 133.34 feet to an existing iron stake, South 50 degrees 14 minutes 49 seconds West 90.14 feet to an existing iron stake, South 50 degrees 13 minutes 58 seconds West 150.16 feet to an existing iron stake, South 50 degrees 21 minutes 28 seconds West 199.29 feet to an iron stake in old pine stump (control corner), South 48 degrees 15 minutes West 1411.70 feet to an iron stake (control corner), and South 47 degrees 54 minutes 17 seconds West 279.24 feet to an existing iron stake on the north right of way margin of SR 1560 and marking the southeast corner of Milton L. Overby (Book 781, Page 435); thence leaving SR 1560 and along the east line of Overby and Gordon C. Pruitt (Book 787, Page 790) North 31 degrees 48 minutes 51 seconds West 1397.10 feet to an existing iron stake; thence North 55 degrees 35 minutes 25 seconds East 323.76 feet to an existing iron stake; thence North 55 degrees 36 minutes 9 seconds East 223.96 feet to an existing iron stake; thence North 54 degrees 59 minutes 20 seconds East 348.35 feet to an existing iron stake; thence North 55 degrees 32 minutes 12 seconds East 530.77 feet to an existing iron stake; thence North 55 degrees 20 minutes 38 seconds East 630.59 feet to an existing iron stake; thence North 55 degrees 24 minutes 3 seconds East 218.0 feet to an oak tree; thence North 35 degrees 12 minutes 29 seconds West 95.25 feet to an existing iron stake; thence North 55 degrees 23 minutes 34 seconds East 39.98 feet to an existing iron stake within the right of way of NC Highway 87; thence within the right of way of Highway 87 South 36 degrees 21 minutes 6 seconds East 93.12 feet to an iron; thence South 36 degrees 26 minutes 53 seconds East 607.32 feet to an iron; thence South 39 degrees 17 minutes 59 seconds East 511.0 feet to an existing iron stake, THE POINT OF BEGINNING. This description as per as‑built survey for Vintage Yarns by C. E. Robertson and Associates, RLS, dated May 28, 1990, to which reference is made for more specific description. Being the same property described in Deed Book 787, Page 790.
SECTION 5.  This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 10th day of July, 2003.

	s/	 Beverly E. Perdue
	 President of the Senate

	s/	 Richard T. Morgan
	 Speaker of the House of Representatives