Title
Vote on a request to approve the revised 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 revised Siler City CAM Megasite Option Agreement
Introduction & Background:
The revised 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. Commissioners originally approved the option on May 23, 2017, giving the manager and attorney the authority to make minor changes. Below are the terms of the original option: Siler City has agreed to fund half of the option payment annually and an interlocal agreement to that effect was approved on May 23, 2017.
The revision is requested to deal with a tract of approximately 30 acres that does not have a clear title. The revision requires the property owner to initiate a quite title action within twenty days of execution of the option agreement and requires that the title be cleared within two years of the anniversary date of the option agreement. If the title is not cleared, the option payment will be reduced by $5,000 per year and the purchase price of the land will be reduced by $2,000.
Golden Leaf has approved a revised site plan which removes this tract, but county staff strongly recommends that the title also be cleared. Golden Leaf approval of the revised site plan allows the infrastructure grant to proceed.
Original Option Terms:
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 ...
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