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STATE OF NORTH CAROLINA <br />COUNTY OF CABARRUS <br /> <br />AGREEM'ENT <br /> <br /> THIS AGREEMENT is made and entered into the ~ day of July, 1998, by and <br />among the City of Kannapolis (the "City"), County of Rowan and the County of Cabarrus <br />(collectively the "Counties"). <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, Cabarrus County and Rowan County are tenant in common owners of <br />certain real property located in Rowan County acquired for the purpose of establishing a jointly <br />owned park serving the northern Cabarrus and southern Rowan citizens, said property being <br />more particularly described in Deed Book 610 at page 424, Deed Book 681 at page 484 and <br />Deed Book 820 at page 613, Rowan County Registry, said property being collectively referred <br />to as the "real property"; and <br /> <br /> WHEREAS, in January of 1981, the Cabarms County Board of Commissioners and the <br />Rowan County Board of Commissioners entered into an agreement creating a joint park <br />commission known as the Cabarrus-Rowan Park Commission; and <br /> <br /> WHEREAS, in January of 1981, the Counties established Bakers Creek Park (the <br />"Park") at the real property site described hereinabove; and <br /> <br /> WHEREAS, in May of 1986, the City of Kannapolis and the Counties established a <br />funding process among the Counties and the City for the Park's operating budget in accordance <br />with the formula established therein; and <br /> <br /> WHEREAS, it is the intent desire of the Counties and the City to enter into an <br />agreement which would provide for the transfer of ownership of the Park to the City and provide <br />a process for the reduction of budget funding by the Counties on the schedule established herein. <br /> <br /> NOW, THEREFORE, upon valuable consideration and upon the premises contained <br />herein, the parties agree as follows: <br /> <br /> Section 1. Operation of the Park. Except as otherwise provided herein, the City of <br />Kannapolis does hereby assume sole and exclusive operation of the Park in accordance with the <br />terms, conditions, schedules and warranties of this agreement. <br /> <br /> Section 2. Con~nued Funding. The Counties shall continue to fund the Park in such <br />amounts and for such periods as follows: <br /> <br />Rowan County. Rowan County shall appropriate and contribute <br />the sum of $21,918.00 for the fiscal year 1998-1999 operating <br />budget of the Park. Thereafter, Rowan County shall have or <br /> <br /> <br />