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North Carolina Corban Avenue Parking Facility Agreement Cabarrus County This Agreement of :[nterlocal Cooperation, pursuant to the terms and conditions of the North Carolina General Statutes, Chapter 160A, Article 20, effective the 1~t day of _luly, 1999, by and between the C1TY OF CONCORD, North Carolina (hereinalter referred to as "CONCORD"), and CABARRUS COUNTY, North Carolina (hereinafter referred to as "CABARRUS'~; W1TNESSETH: THAT - - WHEREAS, CONCORD and CABARRUS agree that it is mutually beneficial for the residents, employees and businesses of CONCORD and CABARRUS to cooperate in the construction of a new parking facility on Corban Avenue; and WHEREAS, CONCORD and CABARRUS recognize the importance of providing convenient and safe parking for customers and employees of government services and commercial establishments in downtown CONCORD; and, WHEREAS, CONCORD and CABARRUS wish to coordinate the Corban Avenue Parking Facility with existing public parking areas in downtown CONCORD; and WHEREAS, CABARRUS wishes to construct the Corban Avenue Parking Facility at the lowest cost possible; and WHEREAS, CONCORD has the technical knowledge and skills to oversee the construction of the Corban Avenue Parking Facility as evidenced by the construction of the Bicentennial Parking Facility on Church Street, CONCORD and CABARRUS agree as follows: Purpose. The purpose of this agreement is to establish the fundamental duties of each party to ensure that the parking facility is constructed in a timely and cost efficient manner. Term of Agreement. This agreement shall commence on the date set forth hereinabove following approval and execution by appropriate authority of both CONCORD and CABARRUS, and shall terminate on .lune 30, 2000 unless both parties agree to extend that time period. After said time period or upon completion and use of the parking facility, CABARRUS shall maintain and operate the parking facility.