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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br />THE COUNTY OF CABARRUS, NORTH CAROLINA <br />The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular <br />session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in <br />Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on November 19, 2007, with <br />Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />* * * * ~ <br />RESOLUTION APPROVING INTERGOVERNMENTAL AGREEMENT <br />BETWEEN THE CITY OF KANNAPOLIS AND THE COUNTY; <br />AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED <br />DOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR <br />CERTAIN OTHER RELATED MATTERS <br />WHEREAS, the City of Kannapolis (the "City") has notified the County that it plans to <br />approve a development fmancing plan for the North Carolina Research Campus District (the <br />"District"), pursuant to which development fmancing plan the City will issue project <br />development fmancing debt instruments (the "Bonds") pursuant to Article 6 of Chapter 159 of <br />the North Carolina General Statutes (the "TIF Act") to provide funding for all or a portion of the <br />costs of various public improvements; <br />WHEREAS, since said public improvements will affect tax revenues in both the City and <br />the County, under the provisions of the T1F Act the County is permitted to provide assistance to <br />the City through an interlocal agreement that pledges to the repayment of the Bonds all or a <br />~ ~ - ~G~ <br />