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6 <br /> jurisdictional areas within the specified three-year period for joint funding (i.e. Year 1, <br /> Year 2, Year 3); and <br /> WHEREAS, representatives of the County and Towns have previously agreed in <br /> principle that each LMI Heritage Lot Household wishing to connect within Year 1 and <br /> Year 2 following the execution of this Agreement will have an estimated 100% coverage <br /> joint funding cost of approximately $9,000 per LMI Heritage Lot Household; and <br /> WHEREAS, representatives of the County and Towns have previously agreed in <br /> principle that each LMI Heritage Lot Household wishing to connect within Year 3 <br /> following the execution of this Agreement will have an estimated 50% coverage joint <br /> funding cost of approximately $4,500 per LMI Heritage Lot Household; and <br /> WHEREAS, the County and Towns desire to formally establish the terms of the Towns' <br /> reimbursements to the County for the installation of private sewer service lateral <br /> connections for LMI Heritage Lot Households connections. <br /> NOW, THERFORE, in consideration of the foregoing and based on mutual promises <br /> and obligations set forth herein, the receipt and sufficiency of which is hereby <br /> acknowledged, the County and Towns agree as follows: <br /> 1. TERM AND TERMINATION <br /> a. This Agreement shall commence upon execution by all Parties and shall <br /> continue until all reimbursements are paid in full with such payment in full <br /> occurring no later than June 30, 2023. <br /> b. The Town of Carrboro shall provide payment to the County up to 14% of the <br /> current total project estimate, or$34,020, whichever is less, plus any <br /> financing costs (up to 3 percent annually) incurred by the County for the <br /> installation of LMI Heritage Lot Household sewer connections within the <br /> Town of Carrboro's jurisdiction unless mutually agreed by both the Town of <br /> Carrboro and the County. These payments are for the installation of up to 11 <br /> LMI Heritage Lot Household sewer connections within the Town of Carrboro's <br /> jurisdiction. The Town of Carrboro shall, within thirty (30) days of receipt of a <br /> County generated invoice, reimburse the County for the Town of Carrboro's <br /> respective share of the total principal and interest associated with the <br /> installation of LMI Heritage Lot Household sewer connections within the <br /> Town of Carrboro's jurisdiction. <br /> c. The Town of Chapel Hill shall provide payment to the County of up to 43% of <br /> the current total project estimate, or $104,490, whichever is less, plus any <br /> financing costs (up to 3 percent annually) incurred by the County for the <br /> installation of LMI Heritage Lot Household sewer connections within the <br /> Town of Chapel Hill's jurisdiction unless mutually agreed by both the Town of <br /> Chapel Hill and the County. These payments are for the installation of up to <br /> i <br /> I <br /> Page 3 of 9 <br /> I <br />