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280 <br /> <br /> The King's Grant project, as conceptually identified in your request, has <br />been provisionally approved for a period of six (6) months by the County for <br />inclusion in this program, subject to and expressly conditioned upon the <br />financing concept for major utility system expansion approved in principal as <br />previously set forth and further provided that: <br /> <br /> (1) The County adopts a formal policy, as generally outlined in the <br />preliminary draft, scheduled for consideration in the immediate future, a <br />general commitment to which has been made; <br /> <br /> (2) The County, in its sole discretion, approves the engineering design <br />and location of an appropriate system; <br /> <br /> (3) In advance of the award of construction contracts, the developer has <br />irrevocably deposited with the County funds sufficient to pay for and complete <br />the entire utility project involved. (Obviously, this deposit is not only <br />critical to participation in this program, but is a mandatory prerequisite for <br />the County's involvement.) <br /> <br /> The Board of Commissioners looks forward to working with you in making <br />King's Grant a reality for Cabarrus County. <br /> <br />Sincerely yours, <br /> <br />FLHjr:bmp <br />Enclosure <br /> <br />James W. Lentz <br />Chairman <br />Board of County Commissioners <br /> <br /> UPON MOTION of Commissioner Melvin, seconded by Commissioner Hamby and <br />unanimously carried, the Board moved to go into Executive Session to discuss a <br />contractual matter with the County Attorney. <br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Hamby and <br />unanimously carried, the Executive Session was ended. <br /> UPON MOTION of Commissioner Hamby, seconded by Commissioner Melvin and <br />unanimously carried, the Board adopted the following Concord-Cabarrus County <br />Utilities Proposal to be presented to the City of Concord. <br /> <br />CONCORD-CABARRUS COUNTY UTILITIES PROPOSAL <br /> <br /> 1. Cabarrus County (County) proposes to purchase the entire water and <br />sewer utilities system of the City of Concord (City) i~ediately, with pay- <br />ments financed by the City. This purchase shall include all water and sewer <br />rights of way, water and sewer lines, reservoirs, water treatment facilities <br />(including Hillgrove plant), wastewater treatment facilities (including the <br />Rocky River plant and the site of the Brea~McNair facility), and all real <br />property owned or held by the City for the purpose of providing water and <br />sewer utilities. <br /> <br /> 2. The County will make payments of $1,000,000.00 per year for a period <br />of twenty-one (21) years, followed by declining annual payments for a period <br />of nine (9) years more. The declining payments for the final nine years shall <br />be reduced by an amount of $100,000.00 each year, starting at $900,000.00 for <br />the first year and finishing with a payment of $100,000.00 in the final year <br />of payment. <br /> <br /> 3. The purchase of utility systems by the County shall not include the <br />electrical utility system of the City of Concord. The County hereby renounces <br />any interest in participating in any electrical utility services which may in <br />any way infringe upon the electrical utility services of the City of Concord. <br /> <br /> 4. The County will assume the existing utilities debts and obligations <br />of the City as of the date of this offer, but only to the extent that the <br />utilities debts and obligations are related to water and sewer utilities, and <br />not electrical utilities. <br /> <br /> 5. Customers of the present city water and sewer utility system shall <br />become customers of a Cabarrus County water and sewer utility system. For a <br /> <br /> <br />