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r' <br /> 2 <br /> NORTH CAROLINA <br /> ORANGE COUNTY DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local <br /> governmental unit of the State of North Carolina, (hereinafter referred to as the <br /> "County") and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina <br /> nonprofit corporation (hereinafter referred to as "OCHC"). The date of this Agreement <br /> is , 1994. This agreement will not become effective until <br /> all conditions placed upon County's funding approval are satisfied and funds are <br /> released by the N.C. Department of Commerce. <br /> WITNESSETH <br /> WHEREAS, OCHC has purchased and intends to develop the Property for the <br /> purpose of constructing homeownership opportunities for first-time homebuyers with <br /> incomes at or below 80% of the area median family income for the Raleigh-Durham <br /> MSA. <br /> WHEREAS, the County desires to participate in this project and was awarded <br /> $250,000 from the N.C. Department of Commerce in , 1994, for the <br /> purpose of providing Public Improvements for Magnolia Place subdivision, a 42-unit <br /> single family homeownership project, which property is more particularly described in <br /> Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to <br /> as the "Property"). "Public Improvements" shall include water facilities, storm and <br /> sanitary sewer facilities, street grading and paving, a sewer lift station needed to <br /> provide sewer service to the Property, and requisite grading and improvements <br /> needed to satisfy the County Sedimentation and Erosion Control requirements; and <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. OCHC agrees to sell and construct 42 single-family housing units on the Property. <br /> All units will be sold to low- and moderate-income persons. <br /> 2. OCHC shall provide to the County all engineering design plans and specifications <br /> for the public improvements to be installed on the Property. <br /> 3. County agrees to execute its responsibilities as defined in the CDBG Grant <br /> Application and within the times set forth therein. <br /> 4. For all contracted work to be funded by the County under the terms and <br /> provisions of this Agreement, public bidding requirements shall apply. The <br /> County shall offer and advertise the plans and specifications for public bid in <br /> accordance with federal, state and local laws. The County shall accept and <br />