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384 <br /> <br />Concord for the remaining $310,148 in debt service. The debt <br />service would be structured as a 17-year lease, for $39,508 per <br />y~ar, with the option to purchase the system for $1 at the end of <br />t~e lease. This represents 6.5 percent of the debt service on the <br />County's bond debt on the system's total construction cost of <br />$12,992,389. The County would also receive a water rate that would <br />yield the City of Concord a 20 percent profit over the operation and <br />maintenance cost of producing water sold to the County. <br /> Both the City and Cabarrus would join a Water and Sewer <br />Authority and execute a new grant agreement to remove the $1.5 <br />million sewer grant from litigation and unlink it from the airport <br />dispute. This Authority will provide a unified body to negotiate <br />an agreement with CMUD for the extension of the Rocky River outfall <br />line to Mecklenburg County. It will also remove the complication <br />on how to contract with CMUD for their 4 million gallons per day <br />allocation at the Rocky River Treatment Plant and get this project <br />moving. The user fee driven system will take pressure off both <br />Cabarrus' and Concord's funding of future capital improvements. In <br />addition, the Authority will assume debt service on the Three-Mile <br />Branch, Wolf Meadow Branch and Coddle Creek sewer outfalls from the <br />City of Concord. This will free up a substantial amount of money <br />for other City budget needs. The last item in this area is an <br />adjustment of our Reciprocal Agreement to eliminate competition on <br />utility extensions. <br /> The last area would provide for the final payment of $325,000 <br />on Coddle Creek, a new method of allocation of raw water based on <br />actual historical usage after construction is completed and the <br />commitment to put the County's water assets in a future water <br />authority. <br /> The Board of Commissioners looks forward to concluding an <br />agreement with the Board of Aldermen. Members of our Board or staff <br />would be happy to meet with representatives of the City to discuss <br />the details of this proposal, prior to its consideration by your <br />Board. <br /> <br />Sincerely, <br /> <br />Carolyn B. Carpenter <br />Chairman <br /> <br />NORTH CAROLINA <br /> <br />GABARRUS COUNTY <br /> <br /> Contract #. <br />Date Approved by BOC 12/2/91 <br /> ROUGH DRAFT <br /> December 2, 1991 <br /> 3:00 P.M. <br /> <br />AGREEMENT <br /> <br /> THIS AGREEMENT (hereinafter referred to as the "Agreement"), <br />made and entered into this day of December, 1991, by and <br />between the CITY OF CONCORD, a municipal corporation (hereinafter <br />referred to as "Concord"); and CABARRUS COUNTY, a political <br />subdivision of the State of North Carolina (hereinafter referred to <br />as "Cabarrus County"); <br /> WI TNE S SETH: <br /> WHEREAS, certain disputes and differences have arisen between <br />Concord and Cabarrus County, with regard to an agreement, entitled <br />"Agreement to Construct and Maintain Water and Sewer Lines to that <br />Area of Cabarrus County Commonly Known as 'Kings Grant'," dated <br />November 30, 1990, by and between Gabarrus County and Concord <br />(hereinafter referred to as the "Water and Sewer Contract"); and <br /> WHEREAS, Concord and Cabarrus County entered into an <br />"Agreement Relative to the Construction, Operation and Maintenance <br />of a Water Supply Reservoir," dated April 19, 1989 (hereinafter <br />referred to as the "Coddle Creek Agreement"), in which Concord <br />transferred certain real property to Cabarrus County and, in turn, <br />Gabarrus County agreed to pay Concord certain consideration for such <br />transfer; and <br /> <br /> <br />