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Resolution Authorizing Exchange of Property <br />Wallace Park Property <br />WHEREAS, Cabarrus County is the owner of a parcel of land located at 3601 Wallace Road (NW <br />corner of Wallace Road and U.S. 601) and identified by Parcel Identification Number 5544 -80 -4424 (the <br />"Property'); and <br />WHEREAS, N.C. General Statute 160A -271 permits the County to exchange real property by <br />private negotiation for full and fair consideration; and <br />WHEREAS, the County has negotiated terms of an exchange for a parcel located on Bethel School <br />Road identified by Parcel Identification Number 5544 -47 -4145 together with other costs, work performed <br />and considerations related to that property; and <br />WHEREAS, the County is prepared to re- negotiate the terms of an Installment Purchase <br />Agreement between Cabarrus County and Robert and Donna Wallace Family LLC to ensure the property <br />exchange is for full and fair consideration, as well as, equal value; <br />THEREFORE, THE CABARRUS COUNTY BOARD OF COMMISSIONERS RESOLVES THAT; <br />1. The County Commissioners authorize the exchange of the property described above through the <br />procedures outlined in North Carolina General Statute 160A -271. <br />2. The County Clerk shall cause a notice of the proposed exchange to be published. The notice shall <br />describe the property and the proposed exchange. <br />3. The terms of exchange are that <br />a. The County Manager and County Attorney must complete the final terms and conditions <br />for the property exchange and approve the re- negotiated Installment Purchase <br />Agreement. <br />b. Robert and Donna Wallace Family LLC must agree to those terms and approve the re- <br />negotiated Installment Purchase Agreement. <br />Adopted this the day of , 2015. <br />Stephen M. Morris <br />Chairman, Board of Commissioners <br />ATTEST <br />Megan I.E. Smit, Clerk to the Board <br />F -8 Page 92 <br />