AG 2007 11 19 - Laserfiche WebLink

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INTERGOVERNMENTAL AGREEMENT This INTERGOVERNMENTAL AGREEMENT (the "Interlocal Agreement"), made and entered into as of [Month] 1, 2007, between the City of Kannapolis, North Carolina, a political subdivision and a municipal corporation created and existing under the laws of the State of North Carolina (the "City") and Cabarrus County, North Carolina (the "County")apolitical subdivision and a county created and existing under the laws of the State of North Carolina; WITNESSETH: WHEREAS, pursuant to Section 158-7.3 of the General Statutes of North Carolina, as amended (the "Development District Act"), the cities and counties of the State of North Carolina are authorized to define a development fmancing district and to finance public improvements that are part of a development project with the proceeds of project development financing debt instruments, issued pursuant to Article 6 of Chapter 159 of the General Statues of the State of North Carolina, as amended (the "Bond Act"); and WHEREAS, under the terms of the Bond Act, if the private development project to be benefited by proposed project development financing debt instruments affects tax revenues in more than one uriit of local government and more than one affected unit of local government wishes to provide assistance to the private development project by issuing project development financing debt instruments, then those units may enter into an interlocal agreement pursuant to Article 20 of Chapter 160A of the General Statutes of North Carolina for the purpose of issuing the instruments and such agreement may include a provision that a unit may pledge all or any part of the taxesreceived or to be received on the incremental valuation accruing to the development financing district (the "Incremental Revenues") to the repayment of instruments issued by another unit that is a party to the interlocal agreement; and WHEREAS, Castle & Cooke North Carolina, LLC, a Delaware limited liability company (the "Developer") is undertaking a development project, located entirely within the City, known as the North Carolina Research Campus (the "Development Project") and has advised the City that the Development Project requires significant public improvements in order for the Development Project to proceed as planned; and WHEREAS, the City Council of the City (the "City Council") has determined to undertake to assist the Development Project by providing certain public improvements (the "Public Improvements") under the Development District Act, and by resolution adopted _, 2006, has (i) determined the boundaries of the proposed development financing district and established the "North Carolina Research Campus District" (the "Development Financing District"), (ii) found that the proposed Development Financing District is in the central business district of the City and (iii) directed that a public hearing be held regarding the plan for the Development Financing District; and WHEREAS, the City has notified the County that it plans to adopt a resolution (the "Plan Resolution") to approve a development financing plan (the "Development Financing Plan") for the Development Financing District; and WHEREAS, the City has. determined that it will issue project development financing debt instruments in an amount not to exceed $168,400,000 (the "Bonds") to provide funding for all or a portion of the costs of the Public Improvements as identified on Schedule A hereto (the "Bond Public Improvements"); and WHEREAS, the County wishes to provide assistance to the Development Project as provided in the Bond Act and by resolution duly adopted on November 19, 2007, has authorized the execution and ~ c~~