AG 1998 11 16 - Laserfiche WebLink

Home Browse Search

76 T~IS ESCROW AGREEMENT, dated , 1998, is by and between WESTBROOK HIGHI~%ND CREEK, LLC, a North Carolina limited liability corporation ("Highland Creek") CABARRUS COUNTY, NORTH CAROLINA ("Cabarrus County") and LAWYERS TITLE OF NORTH CAROLINA, INC., a North Carolina corporation ("Escrow Agent"). BACKGRO[3ND STATEMENT A. Highland Creek is a developer of an approximately 1,800 acre, two-county phased development in Mecklenburg and Cabarrus counties called "Highland Creek Subdivision". It has filed a petition requesting that the Board of County Commissioners of Cabarrus County grant approval of the preliminary plat for completion of the Highland Creek Subdivision Areas G2-D9 (designated as Petition C-98-06(S)), which was previously denied by the Cabarrus County Plar~ing and Zoning Co~%mission on grounds that there were not adequate school facilities to serve the "expected nun%ber of students generated by the proposed development" (as set forth in Planning Staff Report to Cabarrus County Board of Commissioners dated July 13, 1998). B. Highland Creek has offered to assist Cabarrus County in meeting its adequate school facilities needs by providing funds for Cabarrus County's acquisition of a 25-30 acre tract of land in Cabarrus County as a site for construction of a public school ("school site), and Cabarrus County has agreed that it will accept that offer and grant the aforesaid preliminary plat approval requested, upon terms and conditions set forth herein below. NOW THEREFORE, for and in consideration of these premises, the parties hereto agree as follows: 1. Cabarrus County expressly agrees that Highland Creek's execution of and compliance with the terms of this Agreement shall constitute its compliance with Cabarrus County Subdivision Ordinance Section 66-81 and the Adequate Public Facilities Standards of the Cabarrus County Subdivision Regulations (the "adequate public facilities provisions") whereupon Cabarrus County will process and approve, in a timely manner, Highland Creek's preliminary plat pursuant to its Petition C-98-06(S) referred to above, and all subdivision plats heretofore or hereafter submitted by Highland Creek under the Cabarrus County Subdivision Regulations which are in technical compliance with such regulations, and it is expressly agreed that so long as Highland Creek is in compliance with this Agreement, it shall remain in compliance with the adequate public facilities provisions. It is understood and agreed by the parties that the property which is the subject of the aforesaid petition is part of the Highland Creek Subdivision phased development, which will be completed over a nuN~ber of years between the date of this Agreement and approximately 2005. It is also understood and agreed that the phases and mix of housing types within that petition may be revised from time to time hereafter by Highland Creek. 2. Contemporaneously with the parties' execution of this Agreement, Highland Creek has deposited with Escrow Agent the sum of Four Hundred Thousand Dollars ($400,000) (which together with all interest earned thereon shall be called the "Escrow Fund"). Escrow Agent acknowledges receipt of the Escrow Fund and agrees to hold, administer and disburse it in accordance with the terms and conditions of this Agreement. 3. During the period five (5) years from the date of this Agreement, Cabarrus County shall be permitted to purchase a school site with wha5ever portion of the Escrow Fund may be required to fund that purchase. In this regard, Cabarrus County is currently negotiating to purchase a school site off Pitt School Road, for construction of a middle school-high school thereupon, which will serve students from the Highland Creek Subdivision within Cabarrus County, and if that purchase is consummated, the Escrow Fund may be used for that purpose to the extent required. 4. Upon contracting to make a school site purchase, Cabarrus County shall notify Escrow Agent of the time, date and location of the closing, and identification of the seller, whereupon Escrow Agent shall be authorized to pay a portion or all of the Escrow Fund to the seller as may be required at that closing. Cabarrus County shall be responsible for payment of any portion of the purchase price for such school site in excess of the amount of Escrow Fund, and Escrow Agent shall remit to Highland Creek any portion of the Escrow Fund not required to complete that purchase. 5. Escrow Agent's responsibilities hereunder shall cease when it makes full payment of the Escrow Fund to Cabarrus County's seller, Highland Creek or both with regard to purchase of a school site in accordance with paragraph 4. In the event such school site purchase does not occur with five (5) years from the date of this Agreement, Escrow Agent shall remit the entire Escrow Fund to Highland Creek and this Agreement shall terminate. 6. Upon its purchase of a school site with the Escrow Fund, that property will be used by Cabarrus County for construction of a public school thereupon (and public facilities incidental to the public school usage, such as park and recreational facilities adjacent thereto) and no other purpose. In the euent such school site is not developed as a public school within five (5) years from such purchase, Highland Creek may require that Cabarrus County