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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br /> <br />ESCROW AGREEMENT <br /> <br /> TltlS ESCROW AGREEMENT, dated November 30 , 1998, is by and between <br />WESTBROOK ItIGltLAND CREEK, LLC, a Noah Carolina limited liability corporation <br />("Highland Creek"), CABARRUS COUNTY, NORTH CAROLINA ("Cabarrus County") and <br />LAWYERS TITLE OF NORTH CAROLINA, INC., a Virginia corporation ("Escrow <br />Agent"). <br /> <br /> BACKGROUND STATEMENT <br /> <br /> A. Highland Creek is the developer of an approximately 1,800 acre, two-county, <br /> <br />phased development in Mecklenburg and Cabarrus counties called "Highland Creek <br />Subdivision". It has filed a petition requesting that the Board of County Commissioners of <br />Cabarrus County grant approval of the preliminary plat for completion of portions of the <br />Highland Creek Subdivision Areas D, E, F and G (designated as Petition C-98o06(S)), which was <br />previously denied by the Cabarrus County Planning and Zoning Commission on grounds that <br />there were not adequate school facilities to serve the "expected number of students generated by <br />the proposed development" (as set forth in Planning Staff Report to Cabarrus County Board of <br />Commissioners dated July 13, 1998). <br /> <br /> B. Highland Creek has offered to assist Cabarms County in meeting its adequate <br />school facilities needs by providing funds for Cabarms County's acquisition ora 25-30 acre tract <br />of land in Cabarms County as a site for construction of a public school ("school site), and <br />Cabarrus County has agreed that it will accept that offer and grant the aforesaid preliminary plat <br />approval requested, upon terms and conditions set forth below. <br /> <br /> <br />