BC 1990 11 26 - Laserfiche WebLink

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592 from the County for our current dollar involvement which is approximately $3 million to be paid by the City to the County in equal installments over a ten-year period with no interest on the principal. The initial payment shall commence on January 1, 1991 or the first business day thereafter. The Board and County Attorney briefly discussed the details of the proposed agreement relative to accrued interest and the repurchase agreement with Interstate Combined Ventures. Chairman Lentz instructed Mr. Hartsell to discuss the proposed agreement with Mr. Gordon Belo, Concord City Attorney, and bring a proposal to a meeting on Wednesday morning for the Board°s consideration. UPON MOTION of Commissioner Moss, seconded by Chairman Lentz with Commissioners Moss and Melvin and Chairman Lentz voting for and Commissioner Simmons voting against, the Board added to the agenda an item involving economic development for the County in a matching type venture with the City of Concord for water and sewer. UPON MOTION of Commissioner Moss, seconded by Chairman Lentz with Commissioners Moss and Melvin and Chairman Lentz voting for, the Board approved the following motion: That the Board instruct the County Attorney to draw up an agreement between the City of Concord and Cabarrus County for an economic development project involving water and sewer in the western side of the county in the King's Grant Park area and that the County submit to the City of Concord $1.5 million for the extension of water and sewer mains with this money to be subject to the following conditions: (1) that such funds shall be utilized with the City of Concord's funds or funds from other sources to extend said water and sewer mains; and (2) construction of the referenced water and sewer mains to the King's Grant Project shall commence within three years of the date of this resolution or the Board of Aldermen for the City of Concord shall return the subject $1.5 million to the Cabarrus County Board of Commissioners. As a point of privilege, Commissioner Simmons asked that the minutes show that the $1.5 million for the water and sewer lines was a part of the airport deal and if the County did not provide these funds that the City will not buy the airport land. In response to a question by the County Attorney, Chairman Lentz indicated that the interest rate specified in the motion would be the prime for Wachovia Bank. There being no further business to come before the Board at this time, Chairman Lentz recessed the meeting until 8:00 A.M. on Wednesday, November 28, 1990. Clerk to the Board