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November 19, 2007 (Regular Meeting) Attest: Clerk to the Board of Commissioners [SEAL] SCHEDULE A BOND PUBLIC IMPROVEMENTS [ATTACH AGREED UPON SCHEDULE] SCHEDULE B SCHEDULE OF PAYMENTSI Page 620 Calendar Year City Contribution County Contribution2 Annual Total 1-The payments shall be reduced in any particular year to take account of the credits set forth in Section 2.2 hereof. 2-The County Contribution Amount is subject to the Maximum County Contribution Amount set forth in Section 2.2. Mr. Cordell asked for guidance on the following two issues: (1) the amount of involvement the County would like to have related to the second issuance of bonds; and (2) the use of capitalized interest/reserve fund by Kannapolis to fund projects if sufficient incremental revenues are generated. He recommended the County have the right to review the second bond issuance and that the County should receive a credit for its share, if Kannapolis uses capitalized interest to fund projects. Chairman Carruth opened the floor for discussion and Mr. Cordell and Mr. Niggel responded to a variety of questions from the Board. After a lengthy discussion on Sections 2 and 3 of the Resolution Approving Intergovernmental Agreement between 'the City of Kannapolis and the County; Authorizing the Execution and Delivery of Related Documents in Connection Therewith; and Providing for Certain Other Related Matters, Commissioner White MOVED to accept the Intergovernmental Agreement as presented and to adopt the aforementioned resolution. Commissioner Mynatt seconded the motion. Commissioner Privette expressed his intent to vote against the motion after citing Article 5 of the North Carolina Constitution. After a short discussion, the MOTION carried with Chairman Carruth, Vice Chairman Juba and Commissioners Mynatt and White voting for and Commissioner Privette voting against. The resolution is as follows: Resolution No. 2007-28 RESOLUTION APPROVING INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OF KANNAPOLIS AND THE COUNTY; AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the City of Kannapolis (the "City") has notified the County that it plans to approve a development financing plan for the North Carolina Research Campus District (the "District"), pursuant to which development financing plan the City will issue project development financing debt instruments (the "Bonds") pursuant to Article 6 of Chapter 159 of the North Carolina General Statutes (the "TIF Act") to provide funding for all or a portion of the costs of various public improvements; WHEREAS, since said public improvements will affect tax revenues in both the City and the County, under the provisions of the TIF Act the County is permitted to provide assistance to the City through an interlocal agreement that pledges to the repayment of the Bonds all or a portion of the ad valorem taxes received or to be received by the County on the incremental valuation accruing to the District;