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s <br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />. REGULAR MEETING <br />JANUARY 20, 2009 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance -Transfer of Hickory Ridge Middle School Property Title and <br />Authorization of Agency Agreement between Cabarrus County and <br />Cabarrus County Schools <br />BRIEF SUMMARY: <br />On October 23, 2008, the Cabarrus County Board of Education adopted a <br />Resolution, a Memorandum of Lease, a Lease and an Agency <br />Agreement for the title of the Hickory Ridge Middle School Property to be <br />transferred to the Cabarrus County Board of Commissioners. Receipt of <br />the title will allow reimbursements of sales tax to be obtained by Cabarrus <br />County. The County will hold the title to the school property for twenty <br />years until the debt is retired on the construction of the facility. The <br />Cabarrus County Board of Education will lease the property for $1 per <br />year for the life of the 20 year lease. <br /> <br />REQUESTED ACTION: <br />Approve and authorize the chairman to sign the Memorandum of Lease, <br />the Lease and the Agency Agreement between Cabarrus County (Lessor) <br />and Cabarrus County Board of Education (Lessee), pending attorney <br />review. <br />EXPECTED LENGTH OF PRESENTATION: <br /> <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />No Item# 7 <br />F - 5 Page 112 of 253 <br />