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CONTRACT FOR INDUSTRIAL PARK IMPROVMENTS This CONTRACT made and entered into this the day of janjarsA,2019, by and between the County of Lee, one of the 100 counties of the State of North Carolina and a body politic and corporate, hereinafter referred to as "COUNTY", and the Sanford Area Growth Alliance, a non-profit corporation organized and existing under the laws of the State of North Carolina, hereinafter referred to as "SAGA". WITNESSETH WHEREAS, Chapter 158 of the North Carolina General Statutes authorizes counties to engage in economic development activities, which includes the development of property for industrial purposes; and, WHEREAS, North Carolina General Statute §153A-449 authorizes counties to contract with and appropriate money to a corporation to carry out any public purpose that a county is authorized by law to perform; and, WHEREAS, the City of Sanford and Lee County have committed support to the developers of a 700 -acre industrial park named the Central Carolina Enterprise Park, by providing water, sewer, fiber and road improvements in the park; and, WHEREAS, it is the desire of the Lee County Board of Commissioners that the County should engage in economic development activities, including infrastructure and industrial enhancements, that will increase the taxable property, provide employment opportunities, industrial output and business prospects for the County, and that SAGA should be employed to undertake such activities on behalf of the County; and, WHEREAS, SAGA, by action of its Executive Committee and Board of Directors, has indicated its willingness to construct such improvements in the Central Carolina Enterprise Park and the Triassic Industrial Parks on behalf of the County; and, WHEREAS, both parties desire a written memorandum of their agreement. NOW, THEREFORE, in consideration of the premises, the sums to be paid, and the mutual promises herein set out, the parties have mutually agreed as follows: County hereby engages SAGA to carry out the construction of road improvements at the intersection of Colon Road and Clyde Ryne Road (to be renamed Central Carolina Enterprise Park Drive) and construct signage promoting the park, in keeping with the authority granted to it by Chapter 158 of the North Carolina General Statutes, and SAGA accepts such engagement and promises to perform and carry out such work. 2. County agrees to pay SAGA the sum of $370,000 to make improvements that include the widening and extension of the Colon Road and Clyde Ryne Road intersection and construct two