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<br /> <br />Page 3 of 10 <br /> <br />between the dwellings and the public sewer service stub-outs, and other specific <br />characteristics of each lot; and <br /> <br />WHEREAS, representatives of the County and Towns have previously agreed in <br />principle on an educated estimate of ten (10) LMI Heritage Lot Households wishing to <br />connect within Town of Carrboro jurisdictional areas within the specified three-year <br />period for joint funding (i.e. Year 1, Year 2, Year 3) and on an educated estimate of <br />fifteen (15) LMI Heritage Lot Households wishing to connect within Town of Chapel Hill <br />jurisdictional areas within the specified three-year period for joint funding (i.e. Year 1, <br />Year 2, Year 3); and <br /> <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 $8,800 per LMI Heritage Lot Household; and <br /> <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 $4,400 per LMI Heritage Lot Household; and <br /> <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 /> <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 /> <br />1. TERM AND TERMINATION <br /> <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 /> <br />b. The Original Agreement is hereby superseded and replaced by this <br />Agreement. <br /> <br />c. The Town of Carrboro shall provide payment to the County up to 14% of the <br />current total project estimate, or $30,800, 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 ten <br />(10) LMI Heritage Lot Household sewer connections within the Town of <br />Carrboro’s jurisdiction. The Town of Carrboro shall, within thirty (30) days of <br />DocuSign Envelope ID: 384CD59B-6E10-4B9C-BA6B-376259C3B5A6