A RESOLUTION AUTHORIZING PREPARATION OF A DEVELOPMENT AGREEMENT BASED ON REVISED PLANS BETWEEN THE TOWN OF CHAPEL HILL AND RAM DEVELOPMENT COMPANY (2006-12-04/R-11)
WHEREAS, on December 6, 2004, the Council authorized initiation of a Request for Qualifications developer solicitation process; and
WHEREAS, on February 28, 2005, the Council authorized issuance of a Request for Proposals to five development teams which responded to the Request for Qualifications; and
WHEREAS, on March 7, 2005, the Council authorized issuing a Request for Proposals to the five selected developers which included a provision for the Council to consider awarding Phase 2 to the developer selected for Phase 1; and
WHEREAS, two development teams, Ram Development Company and the team of Grubb Properties and Leyland Alliance, submitted proposals to the Town to develop Parking Lot 5 and the Wallace Deck sites; and
WHEREAS, on June 15, 2005, the Council reviewed an analysis of the development proposals by the Town’s consultant and authorized the Town Manager to proceed with negotiation of a Development Agreement with Ram Development Company; and
WHEREAS, on October 24, 2005, the Council authorized execution of a Memorandum of Understanding with Ram Development Company and authorized the negotiation of a Development Agreement by March 31, 2006; and
WHEREAS, the Council extended the negotiation period on May 8, June 24 and most recently, on September 27, 2006, to December 5, 2006 to allow Ram Development Company to submit a revised proposal based on changing economic conditions and to continue negotiations; and
WHEREAS, on November 20, 2006, the Council held a public forum on the revised proposal to develop Lot 5;
NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes the Manager and Attorney, with the continuing participation of Council Members Strom, Greene, and Hill, to complete a proposed Development Agreement with Ram Development Company for Lot 5 based on revised plans as described in the Manager’s Memorandum to the Council of November 20, 2006 and based generally on the approved Memorandum of Understanding of October 24, 2005, except as modified by the revisions proposed, for Council consideration by its February 12, 2007 meeting.
This the 4th day of December, 2006.