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304
<br />
<br /> UPON MOTION of Commissioner Melvin, seconded by Commissioner Hamby and
<br />unanimously carried, the Board authorized the execution of the following
<br />agreement.
<br />
<br />AGREEMENT
<br />
<br /> THIS AGREEMENT of Interlocal Cooperation pursuant to Article 20 of
<br />Chapter 160A of the General Statutes of North Carolina, made and entered into
<br />as of the __ day of March, 1988, by and between the TOWN OF MOUNT PLEASANT,
<br />a municipal subdivision of the State of North Carolina (hereinafter referred
<br />to as the "Town"), and the COUNTY OF CABARRUS, a government subdivision of the
<br />State of North Carolina (hereinafter referred to as the "County").
<br />
<br />WI TNES SETH:
<br />
<br /> WHEREAS, the Town desires to construct a dam and impoundment facility
<br />(the "Facility") to be known as the "Black Run Creek Impoundment" and to be
<br />located southwest of the intersection of State Road 2426 and State Road 2416
<br />in Cabarrus County, North Carolina on the real property more specifically
<br />described on Exhibit A attached hereto and incorporated herein by reference
<br />(the "Facility Site"; the Facility and the Facility Site being hereinafter
<br />sometimes collectively referred to as the "Project"); and
<br />
<br /> WHEREAS, the Town has caused to be created a North Carolina non-profit
<br />corporation named Black Run Creek Development Authority, Inc. (the
<br />"Authority"); and
<br />
<br /> WHEREAS, in order to finance a portion of the costs of the acquisition,
<br />construction, installation and equipping of the Project, First Union National
<br />Bank (the "Bank") has agreed to loan to the Authority the sum of Six Hundred
<br />Thousand Dollars ($600,000) (the "Loan"); and
<br />
<br /> WHEREAS, the obligation of the Authority to repay the Loan shall be
<br />evidenced by the Note of the Authority, dated March , 1988, payable to
<br />the order of the Bank, in the principal amount of Six Hundred Thousand Dollars
<br />($600,000) (the "Note"); and
<br />
<br /> WHEREAS, the Town has heretofore conveyed to the County an undivided
<br />one-half interest in a portion of a Facility Site (identified as "Tract A" on
<br />Exhibit A to this Agreement) consisting of approximately 49.148 acres, which
<br />portion was previously conveyed to the Town by Esther E. Foil by a Deed dated
<br />July 15, 1970, and recorded in the Office of the Register of Deeds of Cabarrus
<br />County, North Carolina at Book 405, Page 60 (such portion of the Facility Site
<br />being hereinafter referred to as the "Foil Property"); and
<br />
<br /> WHEREAS, in order that the interest payable by the Authority to the Bank
<br />on the Note may be exempt from Federal income taxation, it is necessary that
<br />the Town convey to the Authority all of its right, title and interest in and
<br />to the Project; and
<br />
<br /> WHEREAS, after the Note has been paid in full by the Authority, the
<br />Authority will reconvey to the Town all of its right, title and interest in
<br />and to the Project;
<br />
<br /> WHEREAS, the Town and the County have previously entered into two Agree-
<br />ments with respect to the Project, with the first Agreement bearing the date
<br />November 5, 1984 (the "1984 Agreement"), and the second Agreement bearing the
<br />date September 2, 1987 (the "1987 Agreement"); and
<br />
<br /> WHEREAS, the Town and the County wish to set forth certain terms relating
<br />to the financing of the Project, as well as to other matters, which terms
<br />shall supercede the provisions of the 1984 Agreement and the 1987 Agreement;
<br />
<br /> NOW, THEREFORE, in consideration of the mutual covenants herein con-
<br />tained, and for other good and valuable considerations, the receipt and
<br />sufficiency of which are hereby acknowledged, the Town and the county do
<br />hereby agree as follows:
<br />
<br />
<br />
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