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<br />1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />follow this process: A written request must be presented to the <br />Cabarrus County Commerce Department, with all of the <br />aforementioned documentation. Vouchers and reimbursements shall <br />only be issued for structures that are the primary residence of <br />the applicant(s). Vouchers should be requested during the <br />development of the consent agreement which is part of the <br />subdivision approval process if the subdivision is developed by <br />a recognized non profit or government agency. Vouchers must be <br />presented during the permitting process. If an eligible party <br />purchases a new home in a subdivision affected by adequate <br />public facility fees and that is not produced by a non profit <br />agency or a government agency, a reimbursement may be made in <br />the form of a soft second mortgage that will be applied to the <br />buyer's mortgage. The soft second mortgage will have an <br />amortized recapture clause. Cabarrus County may recapture a <br />percentage of the reimbursement if the subject property changes <br />ownership within five years of the date of purchase. The amount <br />recaptured by the county will decrease by 20$ each year for a <br />five year period. All funding will be subject to availability of <br />appropriate funds in the County's budget. If insufficient funds <br />are available to pay a request which has been properly submitted <br />and approved as provided above, the Administrator shall promptly <br />notify the applicant of the unavailability of the funding. <br />Applications for funding shall not carry over from fiscal year <br />to the next. The payment of school impact fees by the County <br />shall be credited without actual transfer of monies, in the <br />event of a voucher, into the school impact fee fund. <br />Reimbursements will be made in the form of a soft second <br />mortgage, therefore, loan closings will need to be scheduled <br />appropriately to allow for proper financial transactions to <br />occur. <br />Adopted this the ~$~'--16th day of-d~eFebruary, 2009~- <br />Cabarrus County Board of Commissioners <br />/s/: f~~eber~ '~~Ea.rr~t-13H. Jay White, Sr. <br />~FFehei-t:~~Ca~r~t~H. Jay White Sr. , Chairman <br />ATTEST: <br />/s/: Kay Honeycutt <br />Kay Honeycutt, Clerk to the Board <br />' G-7 <br />Item# 21 <br />Attachment number 3 <br />Page 101 of 133 <br />