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ANNEXATION REVENUE SHARING AGREEMENT BETWEEN FULTON AND MONTGOMERY COUNTIES, 2015 WITH THE CONSENT OF FULTON COUNTY INDUSTRIAL DEVELOPMENT AGENCY TABLE OF CONTENTS Page PARTIES RECITALS ARTICLE I

How to fill out annexation revenue sharing agreement

How to fill out annexation revenue sharing agreement:

1. Gather the necessary information - Before starting the agreement, gather all relevant information such as the names and addresses of the parties involved, the purpose of the agreement, and any specific terms or conditions that need to be included.
2. Clearly state the parties involved - Begin by stating the names and addresses of the parties involved in the agreement. This could include the municipality annexing the area and the entity or entities sharing the revenue.
3. Define the purpose and scope - Clearly define the purpose of the agreement and the scope of the revenue sharing. This could include the specific taxes or revenues that will be shared, the duration of the agreement, and the allocation or percentage each party will receive.
4. Include terms and conditions - It is important to include any terms and conditions that need to be agreed upon by both parties. This could include provisions for determining the revenue share, methods of calculating payments, and any requirements for reporting or auditing.
5. Specify the timeframe - State the duration of the agreement and any renewal or termination provisions. This allows both parties to understand the length of the agreement and provides flexibility for future changes if needed.
6. Outline dispute resolution - In case of any disputes or disagreements, it is crucial to include a section on how such issues will be resolved. This could involve mediation, arbitration, or going to court.

Who needs annexation revenue sharing agreement?

1. Municipalities - Municipalities looking to annex new areas or expand their jurisdiction may need to enter into revenue sharing agreements with other entities to ensure a fair distribution of revenue generated from the annexed area.
2. Entities sharing revenue - Any entity that would be receiving a portion of the revenue generated from the annexation may require an annexation revenue sharing agreement. This could include neighboring municipalities, counties, or other governing bodies.
3. Legal or financial advisors - Lawyers or financial advisors may also need to be involved in the process of drafting or reviewing annexation revenue sharing agreements to ensure legal compliance and financial viability for all parties involved.

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What is annexation revenue sharing agreement?

An annexation revenue sharing agreement is a contract between a municipality and a developer to share a portion of the tax revenue generated by the development.

Who is required to file annexation revenue sharing agreement?

Both the municipality and the developer are required to file an annexation revenue sharing agreement.

How to fill out annexation revenue sharing agreement?

To fill out an annexation revenue sharing agreement, the municipality and developer must include details on the development project, the percentage of revenue to be shared, and the duration of the agreement.

What is the purpose of annexation revenue sharing agreement?

The purpose of an annexation revenue sharing agreement is to incentivize developers to invest in municipal projects by sharing the tax revenue generated by the development.

What information must be reported on annexation revenue sharing agreement?

The annexation revenue sharing agreement must include details on the development project, the percentage of revenue to be shared, and the duration of the agreement.