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WHEREAS, the BOARD OF COMMISSIONERS and the BOARD OF <br />EDUCATION have each approved this Interlocal Agreement and have <br />caused such approval to be reflected in the respective minutes <br />of each governing board. <br />NOW THEREFORE, pursuant to North Carolina General Statute <br />§§ 160A-461 and 115C-431, the BOARD OF EDUCATION and the BOARD <br />OF COMMISSIONERS agree as follows: <br />1. THE PURPOSE: The parties enter into this Interlocal <br />Agreement to establish a funding mechanism: (1) for the purchase <br />by the BOARD OF EDUCATION by eminent domain or otherwise of <br />properties which together have been identified by the BOARD OF <br />EDUCATION as its choice for the site for CHCCS high school #3, <br />and (2) for the appropriation from the BOARD OF COMMISSIONERS to <br />the BOARD OF EDUCATION'S school capital expense fund of the <br />funds for the completion of CHCCS high school #3. The recitals <br />set forth above are incorporated by reference as if fully set <br />forth herein. <br />2. The BOARD OF COMMISSIONERS agrees to appropriate the <br />funds necessary for the purchase by condemnation or otherwise of <br />the properties identified at the estimated costs identified as <br />follows: <br />Appraised <br />Parcels Acreage Values <br />Glover property 49.5 $1,658,700 <br />Fisher property 10.6 551,000 <br />7 <br />