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<br />
<br />WHEREAS, CABARRUS will fund a portion of the total costs by using Community
<br />Development Block Grant (CDBG) funds of up to $1,000,000; and
<br />WHEREAS, CABARRUS and CONCORD have agreed to fund the total costs of the
<br /> PROJECT above the CDBG amount and each will fund fifty percent (50%) of
<br /> the costs above the CDBG amount with a limit to CONCORD'S share of
<br /> funding being $1,121,666 based on the projected revenue from the
<br /> PROJECT; and
<br />WHEREAS, CABARRUS has adopted the attached Resolution No. 1998-02 (Exhibit
<br /> AA) "WATER CHARGES FOR THE BOC/CORNING CDBG-ED PROJECT" dated January
<br /> 20, 1998.
<br />NOW, THEREFORE, in consideration of mutual promises and covenants contained
<br /> herein, WSACC, CABARRUS, and CONCORD hereby agree as follows:
<br />
<br /> 1. CONCORD will have ownership interest in the PROJECT equivalent to the
<br /> percentage of the total PROJECT costs paid by Concord.
<br />2. CABARRUS will have ownership interest in the PROJECT equivalent to the
<br /> percentage of the total PROJECT costs paid by CABARRUS, including the CDBG
<br /> funds and will transfer its share of ownership to WSACC when construction
<br /> is complete.
<br />3. CONCORD will be the retail provider for the entire PROJECT and will charge
<br /> all users connected to the PROJECT the same rate per class as all other
<br /> CONCORD users except where a specific contract or agreement requires a
<br /> different rate methodology, such as the rate agreement shown in Section
<br /> 3.0 of the attached Corning Tri-Party Agreement dated June 18, 1998,
<br /> (Exhibit BB) and Section 4 of the BOC Tri-Party Agreement dated October
<br /> 22, 1998, (Exhibit CC).
<br /> 4. CONCORD will perform routine, preventive and emergency maintenance and
<br /> repair for the entire PROJECT after completion.
<br /> 5. CABARRUS agrees to recover assessment fees for the PROJECT as outlined in
<br /> "WATER CHARGES FOR THE BOC/CORNING CDBG-ED PROJECT" (Exhibit AA).
<br />6. WSACC will administer the engineering design and construction of the
<br /> PROJECT with input, assistance, and written approval from CONCORD of
<br /> reports, design, contractor selection or any other aspects of the PROJECT
<br /> that will affect operation, maintenance, delivery rates and pressures,
<br /> future extensions, etc. CONCORD will provide construction management and
<br /> inspection of the PROJECT. WSACC will not be responsible materially or
<br /> financially for any deficiencies or faults of the PROJECT.
<br /> 7. WSACC was responsible for bidding, awarding contract for construction, and
<br /> paying the contractor for Phase I of the PROJECT. CONCORD agrees to
<br /> reimburse WSACC the costs of construction of Phase I of the PROJECT
<br /> (Exhibit DD), as part of CONCORD'S total funding commitment to the
<br /> PROJECT.
<br /> 8. WSACC shall be responsible for bidding, awarding contract for
<br /> construction, and paying the contractor for Phase 2 of the PROJECT.
<br /> CABARRUS shall reimburse WSACC 66.7% of the monthly payments, paid by
<br /> WSACC, for construction. CONCORD shall reimburse WSACC 33.3% of the
<br /> monthly payments, paid by WSACC, for construction.
<br />9. WSACC shall send the monthly construction and engineering bills to
<br /> CABARRUS so that CABARRUS can process requests for reimbursement by CDBG.
<br /> 10. After final acceptance of the PROJECT, and payment in full to the
<br /> engineer and contractor, a final settlement will be made among CABARRUS,
<br /> CONCORD and WSACC to reflect the actual total PROJECT costs in accordance
<br /> with the following funding terms: CABARRUS and CONCORD agree to fund the
<br /> total costs of PROJECT above the CDBG amount and each will fund fifty
<br /> percent (50%) of the costs above the CDBG amount with a limit to CONCORD'S
<br /> share of funding being $1,121,666 based on the projected revenue from the
<br /> PROJECT. Total PROJECT costs include engineering, construction,
<br /> right-of-way, legal and any related out-of-pocket costs, but does not
<br /> include any internal costs such as employee salaries that may have
<br /> incurred by CABARRUS, CONCORD or WSACC.
<br />
<br />This Agreement shall be in full force and effect from the latter of the dates
<br />of execution hereof until June 20, 2002.
<br />
<br />CABARRUS has executed this Agreement
<br />CONCORD has executed this Agreement the
<br />WSACC has executed this Agreement the
<br />
<br />the day of , 199_;
<br /> day of , 199_; and
<br /> day of , 199_.
<br />
<br />ATTEST:
<br />
<br />CABARRUS COUNTY
<br />By:
<br />
<br />Chairman, Cabarrus County
<br />Board of Commissioners
<br />
<br />Frankie F. Bonds, Clerk
<br />
<br />
<br />
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