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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br /> <br />AGREEMENT <br /> <br /> THIS AGREE~NT is made and entered into this the X9thday of October, 1998, by <br />and between the County of Cabarrus (hereinafter referred to as "County") and the City of <br />Kannapolis (hereinafter referred to as "City"). <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, this agreement is executed pursuant to G.S. 160A-460 et seq., providing <br />for units of local government to enter into agreements with each other to execute any <br />undertaking; and <br /> <br /> WHEREAS, County and City desire to cooperatively provide recreational and park <br />services, programs and facilities for the welfare of their citizens pursuant to G.S. 153A-444 <br />et.seq, and 160A-350 et.seq.; and <br /> <br /> WHEREAS, County and City have previously entered into an agreement certain <br />provisions of which provided for the development of a public park in the City of Kannapolis. <br /> <br /> WHEREAS, this agreement is intended to set forth certain responsibilities and <br />obligations between the parties relating to the development of a public park in the City of <br />Kannapolis. <br /> <br /> NOW THEREFORE, upon valuable consideration, the receipt of which is hereby <br />acknowledged by each party and upon the premises contained herein, the parties agree as <br />follows: <br /> <br />Article I. Park Property <br /> <br /> 1.0 Park Property. The City is the owner of a-~5'.037 acre tract on the south side of <br />Orphanage Road, Kannapolis, North Carolina, (the"property") a survey of which property is <br />attached hereto as Exhibit "A". <br /> <br /> 1.1 Lease of the Property. The parties hereby agree that the County shall lease the <br />property from the City upon customary and reasonable terms and conditions for a period of <br />twenty (20) years at an annual rent of $1.00, for park development and recreational purposes <br />(hereinafter "the Lease"). Provided, however, specifically excluded from the property and the <br />operation of the lease agreement is a commercial billboard located on the property near the <br />Interstate 85 boundary. All revenues derived therefrom shall be and remain the sole and <br />exclusive property of City. City, its agents and designees, at all times, shall have access to the <br />billboard for replacement, repairs and maintenance. <br /> <br /> <br />