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Christenbury Farms Inc. <br />3801 Beard Road Concord, NC. 28027 Phone: 704-54%0063 <br /> Fax: 704-503-0296 <br /> Email: kencfi@bellsouth.net <br /> <br />May14,2004 <br /> <br />Cabarrus County Board of Commissioners <br />P.O. Box 707 <br />Concord, North Carolina 28026-0707 <br /> <br />To the Board of Commissioners: <br /> <br />Christenbury Farms, Inc. has been working with Cabarrus County, the NC Department of Transportation <br />and Rhein Interests on the future Christenbury Parkway construction. This participation includes the <br />dedication of all required right-of-way to the State so that this vital road may be built. <br /> <br />The purpose of this letter is to discuss funding for the project and how Christenbury Farms, Inc. may be <br />willing to participate in that funding. The total cost of the road construction, including partial relocation <br />of Cox Mill Road also, is estimated to be $826,000. The commitments to date from NCDOT ($200,000), <br />Cabarrus County ($250,000) and Rhein Interests ($250,000) will not cover the complete cost of <br />construction. Christenbury Farms, Inc. is willing to pay the additional construction cost, up to $200,000, <br />under the following conditions: <br /> <br />That any amount of contribution (up to $200,000) to this project beyond right-of-way <br />donation be fully credited towards school adequacy fees for which Christenbury Farms, Inc. <br />may be liable in the future; or in the event of sale of any portion of the property <br /> <br />That any amount of contribution (up to $200,000) to this project beyond right-of-way <br />donation be fully credited towards school adequacy fees for which any purchaser of any <br />portion of Christenbury Farms, Inc. may be liable in the future. In this event, the purchaser <br />shall compensate Christenbury Farms, !ne. fully for that contribution. <br /> <br />We understand that this action will need to be approved by the Board of Commissioners in an open <br />meeting and request that it be placed on the agenda. In addition, we would like to request that Cabarrus <br />County legal council draw up the necessary legal documents should you choose to approve this action. <br /> <br />Thank you for your consideration. <br /> <br />Kenneth ~. Christenbury <br />Executive Vice President <br /> <br /> <br />