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473 The Board of Commissioners for the County of Cabarrus met in recessed session at the County Courthouse in Concord, North Carolina, on Tuesday, September 6, 1988, at 4:00 P.M. Present - Chairman: James W. Lentz Commissioners: Kenneth F. Payne William G. Hamby, Jr. Martha H. Melvin R. Giles Moss Chairman Lentz requested Commissioner Hamby to meet with the Midland Association to discuss the proposal by C4 Media Cable, Inc., to provide cablevision service to that section of the county and to ascertain their interest in such service. It was noted that other areas in the county such as the Odell Community also need cablevision service. UPON MOTION of Chairman Lentz, seconded by Commissioner Hamby and unanimously carried, the Board set a public hearing regarding the issuance of industrial revenue bonds for Kindley Yarns, Inc. on Monday, September 19, 1988, at 7:00 P.M. or as soon thereafter as persons may be heard and authorized the publication of notice of the public hearing. UPON MOTION of Chairman Lentz, seconded by Commissioner Melvin and unanimously carried, the Board moved to go into Executive Session to discuss contractual matters and property acquisition. UPON MOTION of Chairman Lentz, seconded by Commissioner Hamby and unanimously carried, the Executive Session was terminated. Chairman Lentz reported that the Board had discussed land acquisition, industrial site recruitment, and personnel in the Executive Session. No action was taken. UPON MOTION of Chairman Lentz, seconded by Commissioner Payne with Chairman Lentz and Commissioners Payne and Melvin voting for and Commissioners Hamby and Moss voting against, the Board moved to adopt the following Escrow Agreement and authorized the payment of $100,000.00 to Jefferson Pilot Title Insurance Company as Escrow Agent for property located north east of intersection of Corban Avenue and Church Street ("the Gulf Station"). ESCROW AGREEMENT This Agreement, made and entered into this day of September, 1988 by and among Dwight Wayne Phillips, hereinafter "Phillips", Benjamin Hines and John Naramore, hereinafter "Hines", the County of Cabarrus, hereinafter "County", and Jefferson Pilot Title Insurance Company, hereinafter "Escrow Agent", WITNESSETH: Whereas, Phillips is the owner of certain property in Cabarrus County which is more fully described in Exhibit A attached hereto and incorporated herein by reference; and Whereas, Phillips has contracted to convey said property to the County; Whereas, Phillips is desirous of effecting a "like-kind exchange" as described in Section 1031 of the Internal Revenue Code so as to defer from immediate taxation some or all of the gain he would otherwise realize upon the sale of his said property; and Whereas, Phillips has located and contracted for the acquisition of "like-kind" property currently owned by Hines and described in Exhibit B attached hereto and incorporated herein by reference; and Whereas, Phillips deems himself unable voluntarily to convey his Cabarrus County property or acquire the property of Hines without securing the deferral of taxation allowed under the provisions of Section 1031; NOW, THEREFORE, for and in consideration of the premises and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the undersigned agree as follows: 1. Escrow Agent shall serve as the depositary of both funds and title for the sole purpose of enabling the parties to comply with the provisions of Section 1031 of the Internal Revenue Code, and for no other purpose.