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6 <br /> 1 Slide #2 <br /> Purpose <br /> Hold a public hearing on a proposed performance agreement between Grange County and <br /> Terra Equity,LLC(developer of the Research Triangle Logistics Park)to install public utilities <br /> into the Hillsborough Economic Development District(EDD) <br /> i Consider approval of the performance agreement <br /> Consider approval of a budget amendment to repurpose existing budgeted funds to provide <br /> the funding required by the performance agreement <br /> ORANGE COUNTY <br /> 2 Nlt>Rl-[I CAROL]NA <br /> 2 <br /> J <br /> 4 Slide #3 <br /> Background <br /> Started as County Water and Sewer Project in 2015 <br /> Scope was to extend public water and sewer service under Interslate 40 to the boundary of the Hiwsb rough <br /> EDD intereded to spur economic development activity <br /> — County would have served as the project owner and manager <br /> — Total approved budget of$2,590,000 <br /> Feasibility and design work commenced <br /> Cou my received sealed bid s i n 2019 <br /> — The lowest bid for the protect was$+4,527,383 <br /> — Approximately $1_9mlllion over the budgeted amount <br /> — 5taff began to evaluate alternatives to dec reale the constru ction cost <br /> No development aatiultyto this point <br /> ORANGE COUNTY <br /> 3 NL]RTt L CA Pj-'SL7 NA <br /> 5 <br /> 6 <br /> 7 <br />