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April 20, 2009 (Regular Meeting) Page 1348 to the extent that the County obtains an opinion of bond counsel to the effect that noncompliance would not result in interest with respect to the 2009 Certificates being includable in the gross income of the owners of the 2009 Certificates for purposes of federal income taxation. Section 9. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Poole, seconded by Commissioner Privette, the foregoing resolution entitled "RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $100,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS" was adopted and passed by the following vote: AYES: Chairman White, Vice Chairman Mynatt and Commissioners Carruth, Poole, and Privette. NOES: None. (G-6) Commerce - Adequate Publie Faailitiea Mitigation Agreement for Jacob's Landing Townhomea Note: This item was removed from the Consent Agenda for discussion at the request of Commissioner Privette. Susie Morris, Planning and Zoning Manager, presented the following information regarding an Adequate Public Facilities Mitigation Agreement for Jacob's Landing Townhomes: Coddle Creek Development Group, LLC., (2409 Concord Highway, Monroe, NC 28110) is requesting an Adequate Public Facilities Mitigation Agreement (APFMA) for the Jacob's Landing Townhome project, which consists of 153 townhome units on +/- 21.43 acres located at the intersection of Pitts School Road and NC Highway 29 North in the City of Concord, North Carolina. The project received a preliminary plat approval from the City of Concord Planning and Zoning Commission on January 15, 2008. The Cabarrus County Board of Commissioners approved a Reservation of Capacity for the Jacob's Landing Townhomes project on June 16, 2008 subject to the following conditions: Reservation of Capacity Terms of Approval 1. This Certificate applies to the development of no more than 153 townhome units on the following parcel: (1) 5509-93-8979. 2, Coddle Creek Development Group, LLC will not be required to adhere to a build out schedule. 3. Coddle Creek Development Group, LLC will not pay the Voluntary Mitigation Payment. 9. This Certificate shall be valid for one year, beginning on June 16, 2008, the date of approval as granted by the Cabarrus County Board of Commissioners. Board of Commissioner Action Option: Consider approval of the Adequate Public Facilities Mitigation Agreement with the conditions outlined below: 1. Coddle Creek Development Group, LLC will not be required to adhere to a build out schedule in connection with the approval represented by the Reservation of Capacity Certificate granted on June 16, 2008. 2. Coddle Creek Development Group, LLC will not be required to pay the Voluntary Mitigation Payment in connection with the approval represented by the Reservation of Capacity Certificate granted on June 16, 2008.