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389 DRAFT The purpose of this letter is to set forth a formal proposal by J&B Management and Development, Inc., a North Carolina corporation, ("J&B'~) to Cabarrus County, North Carolina, a political subdivision of the state of North Carolina, ("County") for the exchange of the Odell Elementary School real property currently owned by the County, or the Cabarrus County Board of Education, for approximately 62 acres of vacant land located on Harris Road in Cabarrus County on which the County intends to construct a new middle school and elementary school ("Donated Property"). The exchange of property would be in accordance with North Carolina General Statute Sections 160A-266 and -271. J&B proposes to enter into an agreement with the County to allow for the exchange of the above-described property on the following terms and conditions: J&B will convey to the County, or Board of Education, fee simple title, unencumbered by any covenants or restrictions other than ad valorem taxes and general utility easements which do not adversely a~fect the use of the property, to approximately 62 acres of land located on Harris Road in the southwest corner of that real property identified in the Cabarrus County tax records as Tax Parcel Number as 4681-15-3364. Such conveyance shall take place within ninety (90) days after the date that the proposed exchange is approved by the Cabarrus County Board of Commissioners, subject to completion of due diligence investigations by the County. After conveyance of the Donated Property to the County and in order to assist with the construction of the elementary and middle school buildings, J&B will provide rough grading work at the site of a dollar value not to exceed S300,000, including such erosion control measures as may be required by the County. In addition, in order to meet the requirements of the Cabarrus County Adequate Facilities Ordinance, J&B will contribute $350,000 in cash to Cabarrus County to pay for necessary infrastructure. The existing Odell Elementary School property will be conveyed to J&B "as is" as soon as the new elementary school is completed, as evidenced by a Certificate of Occupancy, but no later than August 31, 2005. The exchange shall be made in accordance with North Carolina General Statute Sections 16OA-266 and -271. The County acknowledges and agrees that such exchange will be for full and fair consideration as required under the statutes. J&B agrees to locate as much of the green space and recreational areas of its development as are reasonably feasible adjacent to the Donated Property to be used as parks and recreation fields for shared public and school use. This proposal is intended as a letter of intent only to set down the good-faith intentions of the parties, but will not be binding on either until a signed document embodying all the terms of the parties' understanding is executed. Mr. Clifton recommended that the Board accept Mr. Burkett's proposal both in regards to the adequate public facility requirements and the exchange of property. He did point out that in agreeing to the property swap, the Board would be agreeing to build a new Odell Elementary School by 2005. Also, he stated the County would pursue the acquisition of an additional 19 acres adjacent to the donated property in order to build the Odell replacement school and a new middle school on the same tract of land. Finally, Mr. Clifton advised of plans to build the other new middle school on the Pittenger property that has also been donated as a school site. Mr. Robert Burkett advised that Law Engineering had certified both the 19 acres and the otker property as environmentally clean. Also, he reported there is no structure or foundation on the 19 acres. There was brief discussion regarding the possibility of moving the ballfield lights and/or other equipment from the existing school property. Mr. Clifton stated this issue would be addressed in the final agreement. In response to questions by Chairman Fennel, County School Board Chair Christine Lee confirmed that the School Board is in agreement to the proposed school sites as presented.