AG 1999 05 17 - Laserfiche WebLink

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MIDLAND SECOND WATER LINE AGREEMENT THIS AGREEMENT for the MIDLAND SECOND WATER LINE PROJECT (hereinafter referred to as "PROJECt") made and entered into as of the latter of the dates the governing boards approval is set forth herein, by and between the WATER AND SEWER AUTHORITY OF CABARRUS COUNTY, a public corporation of the State of North Carolina (hereinafter referred to as "WSACC"); CABARRUS COUNTY, a body politic and political subdivision of the State of North Carolina (hereinafter referred to as "CABARRUS"); and the CITY OF CONCORD, a municipal corporation (hereinafter referred to as "CONCORD"). WITNESSETH: that- WHEREAS, CABARRUS and CONCORD have agreed to construct a second water line to the Midland area and more specifically to the Corning, Inc., and BOC Gas facilities, at an estimated cost of $2,999,822.93; and WHEREAS, CABARRUS will fund a portion of the total costs by using Community Development Block Grant (CDBG) funds of up to $1,000,000; and WHEREAS, CABARRUS and CONCORD have agreed to fund the total costs of the PROJECT above the CDBG amount and each will fund fifty percent (50%) of the costs above the CDBG amount with a limit to CONCORD'S share of funding being $1,121,666 based on the projected revenue from the PROJECT; and WHEREAS, CABARRUS has adopted the attached Resolution No. 1998-02 (Exhibit AA) "WATER CHARGES FOR THE BOC/CORNING CDBG-ED PROJECT" dated January 20, 1998. NOW, THEREFORE, in consideration of mutual promises and covenants contained herein, WSACC, CABARRUS, and CONCORD hereby agree as follows: i. CONCORD will have ownership interest in the PROJECT equivalent to the percentage of the total PROJECT costs paid by Concord. 2. CABARRUS will have ownership interest in the PROJECT equivalent to the percentage of the total PROJECT costs paid by CABARRUS, including the CDBG funds and will transfer its share of ownership to WSACC when construction is complete. 3. CONCORD will be the retail provider for the entire PROJECT and will charge all users connected to the PROJECT the same rate per class as all other CONCORD users except where a specific contract or agreement requires a different rate methodology, such as the rate agreement shown in Section 3.0 of the attached Corning Tri-Party Agreement dated June 18, 1998, (Exhibit BB) and Section 4 of the BOC Tri-Party Agreement dated October 22, 1998, (Exhibit CC).