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163 <br /> <br />Extension of Option to Purchase Agreement with Faison Associates <br /> <br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Barnhart and <br />'unanimously carried, the Board agreed to add to the agenda the extension of the <br />Option to Purchase agreement with Faison Associates. <br /> <br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Barnhart and <br />unanimously carried, the Board approved the Letter Agreement as follows to amend <br />the Option to Purchase between Cabarrus County as Seller and Faison Capital <br />Development, Inc., and Cambridge Properties Incorporated, as Buyer, dated <br />September 8, 1992 for the County and Fair property. <br /> <br />Based on the status of the negotiations with the Cabarrus County <br />Fairgrounds to find acceptable property to relocate the fair and the <br />fact that the next rezoning meeting is scheduled for January 14, <br />1993, we would like to extend the initial inspection period stated <br />in Paragraph 1 of the contract. Therefore, this Letter Agreement <br />will serve to amend the above referenced Option Agreement as <br />follows: <br /> <br />In Paragraph 1 of the Option, the first sentence is deleted <br />and a new first sentence is substituted in lieu thereof as <br />follows: <br /> <br />"This Option shall be for an initial period of <br />165 (one hundred sixty five) days and shall exist <br />and continue until midnight of the 22nd day of <br />February, 1993, unless extended as hereinafter <br />provided." <br /> <br />2. Ail other terms and conditions shall remain unchanged. <br /> <br />Planning Retreat <br /> <br /> The Board postponed the planning retreat scheduled for January 8 and 9 <br />until 1:00 P.M. on Friday, January 15, 1993. <br /> <br />Exchange of Propert~ - Coddle Creek Reservoir Area <br /> <br /> UPON MOTION of Chairman Carpenter, seconded by Commissioner Payne and <br />unanimously carried, the Board authorized Mr. Hartsell to advertise the <br />retransfer of approximately 2.9735 acres in the Coddle Creek Reservoir area to <br />Mrs. Lois W. Smith, subject to a judgement in the current condemnation <br />proceedings of Cabarrus County v. Lois W. Smith. It has been determined that <br />this property is not needed for the Reservoir project. <br /> <br />Sale of Fill Dirt Coddle Creek Reservoir Area <br /> <br /> Mr. Hartsell reported that Mr. Mark DeMarcus had submitted a proposal to <br />purchase approximately 900 cubic yards of fill dirt from the Coddle Creek <br />Reservoir project at a cost of $.50/cubic yard. He advised the Board that the <br />fill dirt was considered real property and that the County must advertise the <br />proposed sale by negotiated offer and subject to upset bids. <br /> <br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Casper and <br />unanimously carried, the Board authorized the County Attorney and County Manager <br />to take the necessary action to sell the fill dirt to Mr. DeMarcus while abiding <br />by the laws to protect the citizens of North Carolina. <br /> <br />Recess of Meeting <br /> <br /> Chairman Carpenter recessed the meeting until 5:00 P.M. on Tuesday, <br />December 29, 1992. <br /> <br />Clerk to the Board <br /> <br /> <br />