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W~mble Carlyle -CHAR 1118/00 5:54: PAGE 003~3 RiEhtFAX <br /> <br />Facilities Ordinance, I&B will contribute $350,000 in cash to Cabarrus County to <br />pay for necessary infrastructure. <br /> <br />The existing Odell Elementary School property will be conveyed to J&B "as is" <br />as soon as the new elementary school is completed, as evidenced by a Certificate <br />of Occupancy, but no later than August 31, 2005. The eXChange shall bemade <br />in accordance with North Carolina General Statute Sections 160A-266 and -271. <br />The County acknowledges and agrees that such exchange will be for full and fair <br />consideration as required under the statutes. <br /> <br />J&B agrees to locate as much of the green space and recreational areas of its <br />development as are reasonably feasible adjacent to the Donated Property. to be <br />used as parks and recreation fields for shared public and school use. <br /> <br />This proposal is intended as a letter of intent only to set down the good-faith <br />intentions of the parties, but will not be binding on either until a signed document <br />embodying all the terms of the parties' understanding is executed. <br /> <br /> I look forward to hearing your thoughts regarding our proposal, and to working with the <br />County to move forward with this exciting project. <br /> <br />Respectfully yours, <br /> <br />J&.B Management and Development, Inc. <br />A North Carolina Corporation <br /> <br />C#25~20 v I <br /> <br /> <br />