BC 1975 09 04 - Laserfiche WebLink

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WHEREAS, the Board has agreed to serve as the contracting agency on behalf of the Board, the County, and Cannon Mills to undertake the acquisition of real property ' and rights of way relating to the Plant and the construction of the Plant; NOW, THEREFORE, for and in consideration of the pr.emises, the mutual promises and covenants herein contained,. and the mutual benefits flowing to the parties hereunder, the parties hereby agree and contract as follows: ~ 1. Payments to Be Made. Subject to thfl terms and conditions hereof, the Board, the County, and Cannon Mills shall, upon receipt of grants from the United States ~nd from the State of their respective proportions of the con- struction costs, as above set forth, be responsible for the payment of an amount equal to the sum of all the local costs of Constructing the Plant', meaning twelve and one-hail per- cent (12.5%) of the total amount of the construction cost's required for the construction of the Plant, including any and all .engineering, legal, ~ccounting, administrative, and other incidental costs connected with such construction, and such parties likewise shall also be responsible for the pay-. ment of an amount equal to the sum of all the site acquisition costs for the real property on which the Plant is to be con- structed, and rights of way, easements, and other property interests connected therewith, together with any and all engineering, legal, accounting, administrative, and other incidental costs connected with such acquisition. The Board will-make and receive payments so made and apply them exclusively to the said site acquisition costs and local costs of constructing the Plant according to.the Plan, subject to the terms and conditions of this Agreement. In addition to the foregoing payments to be made for the construction of the Plant, Cannon Mills will, subject to the requirements of the federal law pursuant to which funds of the United States