Agenda - 09-05-2023; 8-a - Minutes

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5 1 for Phase 1 to be $4.4 million. However, if the total costs for Phase 1 are less than $4.4 million, 2 the County's contribution will be less than$2.2 million. If the total costs are more than $4.4 million, 3 the County's contribution is capped at$2.2 million regardless of the actual costs incurred by Terra 4 Equity, Inc. 5 6 Phase 2 — This phase is specific to the offsite public water line loop that will connect the public 7 water mains located within the EDD to the existing dead-end public water main located at the end 8 of New Grady Brown School Road. For this phase, the County will reimburse Terra Equity, Inc. 9 the actual costs of Phase 2, up to $950,000. If the actual costs for Phase 2 are lower than 10 $950,000, then the County will pay the lower amount. If the actual costs for Phase 2 exceed 11 $950,000, then Terra Equity, Inc. will be responsible for those additional costs. 12 13 The total potential County commitment under the proposed Performance Agreement is $3.15 14 million. The County will retain ten percent (10%) of the total potential County commitment 15 ($315,000) until fifty percent (50%) of Phase 2 is completed. Thereafter, the amount retained will 16 decrease to five percent (5%) of the total County commitment ($157,500) for both phases. An 17 engineer will verify these milestones, and final completion is dependent on the Town of 18 Hillsborough accepting the new infrastructure into the Town's public water and sewer systems. 19 20 Travis Myren made the following presentation: 21 22 Slide #1 Agenda Item 5-a ORANGE COU NTY N 3RT'H CARO L11*4A Performance Agreement with Terra Equity, LLC to Extend Public Utilities in the Hillsborough Economic Development District Board of Commissioners Business Meeting June 6, 202'3 23 24 25