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AG 2003 07 21
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AG 2003 07 21
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Last modified
3/3/2006 9:37:57 AM
Creation date
11/27/2017 11:41:27 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/2003
Board
Board of Commissioners
Meeting Type
Regular
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NORTH CAROLINA <br /> <br />CABARRUS COUNTY <br /> <br />LEASE <br /> <br /> THIS LEASE is dated as of the ~ day of July, 2003, and is entered into, by <br />and between CABARRUS COUNTY, NORTH CAROLINA, a public body politic and <br />a political subdivision of the State 'of North Carolina, as Lessor (the "County"), and the <br />CABARRUS COUNTY BOARD OF EDUCATION, a body politic and school <br />administrative unit duly organized and existing under the laws of the State of North <br />Carolina, as Lessee (the "Board of Education"); <br /> <br />WIT NE S S E T H: that~ <br /> <br /> The County and the Board of Education have previously determined to cooperate <br />in a plan for the construction and financing of improvements upon real property for <br />certain public school facilities which each has found to be necessary and desirable to <br />provide for improved public education in the County. <br /> <br /> Included among such facilities are improvements to real property at two (2) school <br />sites commonly known as the new Bethel Elementary School and Pitts School Road <br />Elementary School (collectively, the "Facilities"), which will lie on the property shown <br />on Exhibit A (the "Sites"). <br /> <br /> As part of such plan of financing, the County has entered into an Installment <br />Financing Contract dated as of July 15, 2003 (the "Financial Contract"), between the <br />County and the Cabarrus County Development Corporation (the "Corporation"), <br />providing for the financing of the purchase and construction of the Facilities. <br /> <br /> In furtherance of this plan of financing and to provide for improved public school <br />facilities for County residents, the County proposes to lease the Leased Property, as <br />hereinafter defined, to the Board of Education, and the Board of Education has <br />determined to accept such lease. <br /> <br /> NOW, THEREFORE, for and in consideration of the mutual promises and <br />covenants herein contained, the parties hereto agree as follows: <br /> <br /> <br />
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