BC 1989 06 19 - Laserfiche WebLink

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144 Chairman Lentz reported that the Board had discussed the legality of the recommended Personnel Ordinance amendment with the County Attorney during the executive session. No decision was made and the matter will be discussed further at the meeting on June 29. UPON MOTION of Commissioner Hamby, seconded by Commissioner Melvin with Commissioners Melvin and Hamby and Chairman Lentz voting for and Commissioner Simmons voting against, the Board authorized the Chairman to execute the following contract with Interstate Combined Ventures subject to the property closing scheduled for June 20. STATE OF NORTH CAROLINA AGREEMENT COUNTY OF CABARRUS THIS AGREEMENT, dated the __ day of June, 1989 by and between CABARRUS COUNTY, a body politic and political subdivision of the State of North Carolina ("County") and INTERSTATE COMBINED VENTURES, a North Carolina joint venture partnership ("ICV"). WITNESSETH: WHEREAS, the County has this day acquired fee simple title to approximately 320 acres in Cabarrus County as more particularly described on Exhibit A attached hereto (the "Property") by deed duly recorded in the Cabarrus County Public Registry; and Whereas, the County contemplates the construction of the Cabarrus County airport (the "Airport Project") on the Property; and WHEREAS, the parties have agreed that in the event within three (3) years from the date of this Agreement, the County has not incurred Qualifying Expenses, as hereinafter defined, of at least $500,000.00 in order that the Property be put to some public use, including, but not limited to the Airport Project, then ICV shall have the right and option to repurchase the Property within a period of ninety (90) days after said third anniversary date; and WHEREAS, the County has also agreed and granted to ICV the right to request and obtain from the County within three (3) years from the date hereof, certain rights-of-way and easements in perpetuity along and across the Property to service adjacent property owned by ICV, its successors and assigns; and WHEREAS, the purpose of this Agreement is to reaffirm the agreement of the parties contained in that certain Contract dated June 9, 1989 between the parties regarding the repurchase rights of ICV and the rights of ICV to certain rights-of-ways and easements affecting the Property as hereinafter set forth. NOW, THEREFORE, for and in consideration of the premises, covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the County and ICV agree as follows: 1. Repurchase Option. The County hereby grants to ICV the exclusive option and right to repurchase the Property in accordance with the following terms: a. If within three (3) years from the date hereof, the County has not incurred Qualifying Expenses (as hereinafter defined), of at least $500,000.00 in order that the Property be put to some public use, including but not limited to, the Airport Project, then ICV shall, for a period of ninety (90) days after the third anniversary date of this Agreement, upon thirty (30) days' written notice to the County, have the right to repurchase the Property for an amount equal to: (i) the purchase price of $2,400,000.00 paid by the County to ICV for the Property, (ii) all costs of development of the Property reasonably paid by the County (including all Qualifying Expenses, except additional land acquisition costs), and (iii) interest calculated on la(i) above from the date hereof until the date of repurchase and on each sum paid under la(ii) above from the date of expenditure to the date of repurchase, at the prime rate of interest as established by Wachovia Bank and Trust Company, N.A. from time to time throughout said period. b. "Qualifying Expenses" shall include, but shall not be limited to, all expenses incurred by the County subsequent to the closing of the purchase of the Property by the County for implementation of the Airport Project or other public use of the Property including, not but limited to: (i) land acquisition costs for land contiguous to the Property or otherwise associated with the