Title
Vote on a request to Approve the Siler City CAM Megasite Option Agreement and authorize the county manager to sign the Agreement and authorize the county manager and county attorney to make minor changes to the option before it is finalized.
Abstract
Action Requested:
Vote on a request to Approve the Siler City CAM Megasite Option Agreement
Introduction & Background:
The option is being done to meet the requirements for Golden Leaf's infrastructure grant program. Siler City has obtained a $4M grant to construct a water line along US64, but the property must be under public control.
Tim's Farm and Forestry, I and Tim's Farm and Forestry, II and Buyer are parties to that certain Option Agreement, dated May 13, 2016 (the "Prior Option Agreement"), which Prior Option Agreement (i) grant to Buyer a presently-exercisable right to the purchase and sale of the Property (hereinafter defined) and (ii) is set to expire on June 30, 2017 (the "Prior Option Expiration Date");
Tim's Farm and Forestry, II and and DHG are parties to that certain Option Agreement dated November 3, 2014, and was thereafter amended and extended on May 19, 2016 (collectively, the "DHG Option Agreement"; memoranda of the DHG Option Agreement are recorded in the in the office of the Chatham County Register of Deeds at Book 1768, Page 0992; Book 1843 and Page 1858, Page 0795), which DHG Option Agreement relates to the purchase and sale of the Property (hereinafter defined) and other matters contained in this Agreement; and
In furtherance of Buyer's economic development initiatives in Chatham County, North Carolina, Buyer desires to obtain the Option (hereinafter defined) and to enter into this Agreement, and Seller desires to grant the Option and to enter into this Agreement.
1. Grant of Option; Termination of Prior Option Agreement; Jordan Option.
(a) Grant of Option. Seller does hereby give, grant, and convey unto Buyer the right, privilege and option to purchase, su...
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