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June 18, 1998 <br /> <br />I CAI]ARRUS <br /> NgRIII C~ll~}LI N A <br /> <br />MEMORANI)UM <br /> <br />TO: Board of Commissioners <br /> <br />RE: Capitalized Interest Issue <br /> <br />Attached is information related to this issue as follows: <br />1. <br /> <br />3. <br /> <br />4. <br /> <br />5. <br /> <br />Bill Kouri's notation that tax payer information may involve confidential resources not <br />subject to public review. As an example, to audit for "cap. int.", corporate I.R.S. records <br />may be subject to review by the County tax auditor but not available for public record. <br />North Carolina Statutes protects corporate confidentiality of some records. <br /> <br />Bill Kouri's brief'overview' of"cap, int." <br /> <br />Coming letter and New Hanover valuation. <br /> <br />Department of Revenue Manual excerpts related to interest during construction. <br /> <br />Philip Morris Property Tax Commission decision (see page 12) related to construction <br />period interest. <br /> <br />Hopefully, this information provides greater background into the issue. <br /> <br />Respectfully, <br /> <br />County M~nager <br /> <br />FWC:sb <br /> <br />Attachments <br /> <br /> Office of the County Manager <br /> <br />P. O. Box 707 · Concord, NC 28026-0707 · (704) 788-8100 · Charlotte 375-0829 <br /> F-lo <br /> <br /> <br />