Minutes - April 6, 2015 Reg. Meeting

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B K 00027 PG STATE OF NORTH CAROLINA COUNTY OF LEE THIS AGREEMENT, made and entered into this day of 2015 by and between the City of Sanford, hereinafter referred to as "City" and the County of Lee, hereinafter referred to as "County". WITNESSETH: WHEREAS, by agreement dated November 6, 2001, the City and County contracted for the County to install an outfall line, lift station and force main to serve an area adjacent to the Lee County Industrial Park of approximately 2,200 acres with sewer; and WHEREAS, the City agreed to operate and maintain said sewer system if it were constructed to be compatible with the City sewer system; and WHEREAS, the agreement provided that the City may purchase the system at any time upon payment to the County of the remaining debt on the system; and WHEREAS, to facilitate development of the Lee County Industrial Park, the City now desires to purchase said sewer system as shown on Exhibit A, in accordance with the terms and conditions set forth; and WHEREAS, North Carolina General Statute § 160A -461 authorizes units of local governments to enter into agreement with each other in order to execute undertakings. NOW, THEREFORE, in consideration of the premises, the mutual promises herein contained, and the sum of ten dollars, in hand paid, the receipt of which is hereby acknowledged, the parties hereto have mutually agreed as follows: 1. The County shall sell and the City shall purchase the sewer outfall line, lift station and force main serving the Lee County Industrial Park area as shown on Exhibit A for the sum of $800,000.00, to be paid in two (2) equal annual installments of $400,000.00 beginning with the date of the deed transfer, and the last payment on July 10, 2015. 2. The County shall execute any document necessary to complete the sale of the system including but not limited to a bill of sale, warranty deed, assignment of easements, memorandum or other notation to fully transfer the interest of Lee County in the system identified on Exhibit A and as described in the Interlocal Agreement dated November 6, 2001. 3. The County shall pay off any debt on the system and shall transfer the infrastructure free and clear of any liens or encumbrances, so that the City shall own it outright in fee simple. The County will execute a Bill of Sale, Assignment, Deed and any other document necessary to effectuate a transfer of all components of the system.