BC 1990 11 30 - Laserfiche WebLink

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603 LENTZ: Exactly SIMMONS: Before we do anything LENTZ: So we will recess at this time. Can't give you an exact time we will return, make a guess that it will be approximately 30 minutes. (Recess) LENTZ: County Attorney to get the appropriate contract in the right form. HARTSELL: If you want to go ahead and take that special meeting, you can do that, recess it again, whichever you want to do. MOSS: Get on... LENTZ: Let's take care of that recess. I am going to recess the regular Board meeting at this time and go into the special meeting that was called for the second reading of the ambulance franchise agreement. And that's what I will do at this time. (Special Meeting held at this time) LENTZ: Call to order the regular meeting of the Board to continue the finalization on the contracts.. You've got those, you've got the new. Ail the members have those. I don't know that everyone has had the opportunity to proofread them. Have you had a chance? SIMMONS: No LENTZ: We're just going to proofread these things right quickly. HARTSELL: Mr. Chairman, I will be glad to go through with you the changes. The Airport Agreement, the first change is in Paragraph 3, Subsection C, that completion date has been omitted. Paragraph 4 has been changed to reflect some further restriction or covenant with regard to restricting the property for airport purposes alone without written permission.., modification.., but a specific provision that notwithstanding any other provision if in fact it is not used for airport purposes and is sold that the county will accept half of the profit from any sale. Additionally, the purchase price. The purchase is still the same, 3.., but the time frame for payment has been changed from 10 years to 5 years and the numbers changed accordingly. Those are all the changes in paragraph 4. 5 remains the same. 6 is changed. The repurchase provision applies during the repayment period. During the repayment period, let's see, during the repayment period you've retained the right to repurchase the property if they abandon the project. You've got certain provisions those are otherwise..those will remain the same otherwise but there is a provision at the end that the repurchase option itself is extinguished upon Concord's, Concord's payment to Cabarrus of the entire unpaid balance which is to say that they can accelerate the payment and eliminate the repurchase option. I believe those are the changes in there. LENTZ: Any questions on that document? Go into the construction of the water and sewer contract. HARTSELL: As to the water and sewer contract. The only change of consequence is paragraph 4. Instead of a 3-year pay out period or you know a refund period .... strike that...five.o.made it a little cosmetic change and called it a $1.5 million grant. In paragraph 5, $1,500,000 will be transferred but until such time as $3 million of grants toward the project have actually been awarded, you will retain interest on that $1.5 million on an annual basis from the City of Concord. You get that...If after...if they don't award $3 million in grants after 10 years you will get the principal back. That is the only change of substance. I changed some language on the security of it to conform with what you changed thereto.. LENTZ: Ail right. Any Board member have a question.