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5 <br /> for Phase 1 to be $4.4 million. However, if the total costs for Phase 1 are less than $4.4 million, <br /> the County's contribution will be less than $2.2 million. If the total costs are more than $4.4 million, <br /> the County's contribution is capped at$2.2 million regardless of the actual costs incurred by Terra <br /> Equity, Inc. <br /> Phase 2 — This phase is specific to the offsite public water line loop that will connect the public <br /> water mains located within the EDD to the existing dead-end public water main located at the end <br /> of New Grady Brown School Road. For this phase, the County will reimburse Terra Equity, Inc. <br /> the actual costs of Phase 2, up to $950,000. If the actual costs for Phase 2 are lower than <br /> $950,000, then the County will pay the lower amount. If the actual costs for Phase 2 exceed <br /> $950,000, then Terra Equity, Inc. will be responsible for those additional costs. <br /> The total potential County commitment under the proposed Performance Agreement is $3.15 <br /> million. The County will retain ten percent (10%) of the total potential County commitment <br /> ($315,000) until fifty percent (50%) of Phase 2 is completed. Thereafter, the amount retained will <br /> decrease to five percent (5%) of the total County commitment ($157,500) for both phases. An <br /> engineer will verify these milestones, and final completion is dependent on the Town of <br /> Hillsborough accepting the new infrastructure into the Town's public water and sewer systems. <br /> Travis Myren made the following presentation: <br /> Slide #1 <br /> Agenda Item 5-a <br /> ORANGE COUNTY <br /> 1%4C�RT'H C-ARC)LINA <br /> Performance Agreementwith Terra Equity, LLC <br /> to Extend Public Utilities in the <br /> Hillsborough Economic Development District <br /> Board of Commissioners Business Meeting <br /> June 6, 2023 <br />