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Womble Carlyle -CHAR 1/18/00 5:54: PAGE 002/3 RiEhtFAX <br /> <br />J & B Management and Development, Inc. <br />6104- Crcckvicw Couzt <br /> HanS~burg North CaroLina 25075 <br /> Telephone (704,) 454-7163 <br /> FacaimiIc (7040 454-7164 <br /> <br />January 18, 2000 <br /> <br />Mr. Frank Clifton <br />County Manager <br />Cabarrus County <br />P.O. Box 707 <br />Concord, North Carolina 28026-0707 <br /> <br />Exchange of Approximately 62 Acres of Real Estate on Harris Road in <br />Cabarrus County, North Carolina for Ex~ng t'rolaerty Known as Odell <br />Elementary $ch ooi <br /> <br />Dear Mr. Clifton: <br /> <br /> The purpose of this letter is to set forth a formal proposal by J&B Management and <br />Development, Inc., a North Carolina corporation, ("J&B") to Cabarrus County, North Carolina, a <br />political subdivision o f the state of North Carolina, ("County") for the exchange of the Odell <br />ElementaD' School real property currentl.v owned by the County, or the Cabarrus County Board <br />of Education, for approximately 62 acres of vacant land located on Harris Road in Cabarrus <br />County on wkich the County intends to construct a new middle school and elementary school <br />(''Donated Property'). The exchange of property would be in accordance with North Carolina <br />General Statute Sections 160A-266 and -271. J&B proposes to enter into an agreement with the <br />County to allow for the exchange of the above-described property on the following lenns and <br />conditions: <br /> <br /> 1. J&B will convey to the County, or Board of Education, fee simple title, <br /> unencumbered by any covenants or restrictions other than ad valorem taxes and <br /> general utility easements which do not adversely affect the use of the property, to <br /> approximately 62 acres of land located on Harris Road in the southwest comer of <br /> that real property identified in the CabarrusCounty tax records as Tax Parcel <br /> Number as 4681-15-3364. Such conveyance shall take place within ninety (90) <br /> days after the date that the proposed exchange is approved by the Cabarrus <br /> County Board of Commissioners, subject to completion of due diligence <br /> investigations by the County. <br /> <br />After conveyance of the Donated Property to the County and in order to assist <br />with the construction of the elementary and middle school buildings, J&B will <br />provide rough grading work at the site of a dollar value not to exceed $300,000, <br />including such erosion control measures as may be required by the County. In <br />addition, in order to meet the requirements of the Cabarrus County. Adequate <br /> <br />C#259820 v l <br /> <br /> <br />