Albemarle Agreement

The Annexation and Revenue Sharing Agreement is a legal agreement between the City of Charlottesville and Albemarle County in 1982, which prohibits the city from ringing county lands in exchange for a complex transfer of land tax revenue from the county to the city. The amount of the transfer is limited to 0.1% of the estimated value of real estate in the county and was completed annually prior to GJ2016. For the nominal dollar, the amount of transfers peaked at $18.5 million in 2011 and declined each year, with the exception of fiscal 2018, but virtually flat in terms of real dollar. This description of the revenue-sharing agreement between the City of Charlottesville and Albemarle County is included in Albemarle`s annual budget. [4] “For (Corfo), it is unacceptable for Albemarle to claim to change what was negotiated and agreed by both sides,” Said Pablo Terrazas, Corfo`s vice-president, in an October 14 letter to lawmakers seen by Reuters. He said the disagreements were a “violation” of the 2016 contract, which increased Albemarle`s quota for lithium extraction. An annexation and distribution agreement of February 17, 1982 between Albemarle County and the City of Charlottesville was approved in a public referendum on May 18, 1982. The agreement required the county and the city to contribute a portion of their respective property tax bases and revenues each year to a fund to share financial and economic growth. The allocation of the Fund and the resulting net transfer of resources are made on January 31, provided the agreement remains in force. Albemarle will hold a conference call on Monday, December 17 at 9:00 a.m. .m ET to discuss the agreement.

This call is broadcast in the webcast and can be accessed via Albemarle`s website at investors.albemarle.com, via the web link below or by phone to the following number: Corfo, which oversees Albemarle`s contract for lithium mining in Salar de Atacama, Chile, informed lawmakers that the miner had misinterpreted the part of their agreement, which defines the royalty base, which favors a commission too low for its sales. For the duration of this agreement, the city will not initiate any annexation proceedings against the county. In addition, a committee has been established as part of this agreement to examine whether it is desirable to link governments and services currently provided.