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1 <br />CABARRUS COUNTY <br />I 44uS ~ ~}- <br />~~ `~~;, BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />' ~~ APRIL 20, 2009 <br />6:30 P.M. <br />I <br />I AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Authorizatio <br />I Cabarrus County and <br />Elementary School Repl <br />' BRIEF SUMMARY: <br />n of Lease and Agency Agreement between <br />Cabarrus County Schools for the A.T. Allen <br />acement Site <br />On March 9, 2009, the Cabarrus County Board of Education approved the <br />transfer, tease and agency agreements for the A.T. Allen Replacement <br />Elementary School Property. The lease agreement was subsequently <br />revised and approved by the Board of Education on April 6, 2009. <br />Cabarrus County will hold title to the property for twenty years until the <br />debt issued to construct the new facility is retired. The Cabarrus County <br />Board of Education will lease the property for $1 per year for the life of the <br />20 year lease. <br />REQUESTED ACTION: <br />Motion to approve and authorize the chairman to execute the Lease and <br />Agency Agreement between Cabarrus County (Lessor) and the Cabarrus <br />County Board of Education (Lessee), pending attorney review for the A.T. <br />Allen elementary replacement school. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />No <br />COUNTY MANAGER'S RECOMMENDATIONS/COMMENTS: <br />Page 81 of 320 <br />F-7 <br />