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authorizing the Town of Carrboro to share in the costs of preliminary engineering and <br /> community outreach; and <br /> WHEREAS, representatives of the County and Towns also agreed in principle that <br /> the County would work directly with OWASA (Agreement attached as Exhibit 1) and <br /> the Jackson Center (Agreement attached as Exhibit 2), and that the County would <br /> be reimbursed for the designated percentages of the engineering, design, and <br /> community outreach and planning costs; and <br /> WHEREAS, the County and Towns desire to formally establish the terms of the Towns' <br /> reimbursements to the County. <br /> NOW, THEREFORE, in consideration of the foregoing and based on mutual <br /> promises and obligations set forth herein, the receipt and sufficiency of which is <br /> hereby acknowledged, the County and Towns agree as follows: <br /> 1. TERM AND TERMINATION <br /> a. This Agreement shall commence upon execution and shall continue until <br /> all reimbursements are paid in full with such payment in full occurring no later <br /> than June 30, 2036. <br /> b. For a period of up to 20 years (or sooner if the Town of Carrboro's payments <br /> equal 14 percent of the total project cost as shown in Section 2 below), the <br /> Town of Carrboro shall provide payment to the County of$51,023 by June 30 <br /> of each year plus any financing costs (up to 3 percent annually) incurred by <br /> the County until reimbursements are paid in full. Total payments shall equal <br /> 14 percent of the current total project estimate as shown in Section 2 below, <br /> or $1,020,445, whichever is less, plus financing costs incurred by the County <br /> unless amended by both parties. <br /> c. The Town of Chapel Hill shall provide payment to the County of a minimum of <br /> $156,712 by June 30 of each year plus any financing costs incurred by the <br /> County until reimbursements are paid in full. Total payments shall equal 43 <br /> percent of the current total project estimate or$3,134,223 as shown in <br /> Section 2 below, whichever is less, plus any financing costs (up to-3 percent <br /> annually) incurred by the County unless amended by both parties. All <br /> payments, designated as community development funding, provided by the <br /> Town shall be for cost incurred exclusively within the Town's corporate limits <br /> or within the Town's Extraterritorial Jurisdiction (ETJ). <br /> d. This Agreement may be renewed or amended upon written agreement of <br /> the Parties. <br /> 2. TOTAL COSTS <br />