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279 The Board of Commissioners for the County of'Cabarrus met in recessed regular session at the County Courthouse on Monday, January 25, 1988, at 4:00 P.M. Present - Chairman: James W. Lentz Commissioners: Kenneth F. Payne Willliam G. Hamby, Jr. Martha H. Melvin R. Giles Moss Mr. Fletcher L. Hartsell, Jr., County Attorney, presented a letter that had been drafted in response to the request from ADM Properties, Inc., for a sewer extension to serve the King's Grant Project. The President of Aston Properties and Mr. H. C. Needham, Broker with Aston Properties, were present in support of the King's Grant project and stressed the need for ADM Properties, Inc., to obtain a firm commitment from the Board on this date in regards to the development of the project. UPON MOTION of Chairman Lentz, seconded by Commissioner Payne with Chairman Lentz and Commissioners Payne and Hamby voting for and Commissioners Melvin and Moss voting against, the Board authorized the Chairman to execute the following letter on behalf of the Board of Commissioners. January 25, 1988 Mr. C. E. Risheill, Jr. ADM Properties, Inc. 4600 South Ulster Street, Suite 700 Denver, Colorado 80237 Dear Mr. Risheill: Request for Sewer Extension to Serve the King's Grant Pro~ect On January 4, 1988, the Board of Commissioners of Cabarrus County ("the County") received and reviewed a preliminary draft of a "Cabarrus County Utility System Capital Financing Policy," a copy of which is enclosed, and directed the newly-formed Cabarrus Utilities Board to prepare a final policy for approval and adoption by the County. At the same meeting, utilizing the preliminary draft, the County also approved in principal the following conceptual format for financing of such utility projects: For private financing projects, the County may initially elect to pay up to 25% of the principal cost of construction of a quali- fying water and/or sewer project, and may guarantee a private financier reimbursement of its remaining principal cost of qualify- ing expenditures for such a project during a period not to exceed five (5) years under the following conditions: (1) Participation and/or reimbursement will apply only to main trunk line or main outfall lines. (2) The project must be within the existing County-proposed program. (3) Funds for payment for the entire project cost, the location and design of which has been approved by the County, must be delivered to the County before the contract is awarded. (4) The project would have been approved by the Board of. Commissioners. Pursuant to this action, in your letter to the County dated January 13, 1988, you enclosed alternate conceptual land use plans for the King's Grant project and requested approval of a major sewer ,'outfall" extension to serve the King's Grant area, to be funded generally in the manner conceptually outlined above.