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NORTH CAROLINA <br /> <br />CABARRUS COUNTY <br /> <br />RESOLUTION <br /> <br /> WHEREAS, the Cabarrus County Board of Education (the "SchooLBoard") owns <br />a 17.30 acre tract of land with structures thereon (the "Odell School Tract") and has <br />named the Cabarrus County Board of Commissioners (the "County") as its agent for the <br />disposition thereof consistent with existing taw; and <br /> <br /> WHEREAS, J & B Management and Development, Inc. ("J & B") owns <br />approximately sixty-one (61) acres of real property (the "61-Acre Tract") rough graded at <br />a value of at least an additional Three Hundred Thousand Dollars ($300,000.00) located <br />north of and adjacent to Harris Road and proposes to contribute another additional Three <br />Hundred Fifty Thousand Dollars ($350,000.00) to assist in the placement and <br />construction of adequate school facilities in Cabarrus County consistent with County <br />Ordinances; and <br /> <br /> WHEREAS, the County, as agent for the School Board, and J & B desire to <br />exchange the Odell School Property for the 61-Acre Tract and additional consideration as <br />outlined above and in that letter dated January 18, 2000 (the "Letter") from Robert <br />Burkett, President of J & B, to Frank Clifton, Manager of County, attached hereto and <br />incorporated herein by reference (the "Exchange"); and <br /> <br /> WHEREAS, pursuant to N.C.G.S. 115C-517 & 518, 160A-271, 153A-158 and <br />158.1, the County, as agent for the School Board, may exchange real property belonging <br />to the School Board for other real property by private negotiation if the School Board <br />receives full and fair consideration in exchange; and <br /> <br /> <br />