A RESOLUTION ENDORSING A PAYMENT FOR THE RESIDENCE INN SPECIAL USE PERMIT, PAYMENT-IN-LIEU OF PROVIDING AFFORDABLE HOUSING, AS A MINOR CHANGE TO THE EXISTING AFFORDABLE HOUSING STIPULATION (2006-01-23/R-10)

WHEREAS, the Town Council Of Chapel Hill has approved a Special Use Permit for the Residence Inn in Chapel Hill on March 24, 2003; and

WHEREAS, the Council approval included an affordable housing provision; and

WHEREAS, Summit Hospitality Group, LTD, the developer of the Residence Inn, has requested permission to replace the affordable housing provisions of the Special Use Permit with a payment-in-lieu of affordable housing, rather than providing a single affordable dwelling unit; and

WHEREAS, the Town Manager determined that this payment-in-lieu of providing affordable housing would be reasonable and desirable and in accordance with Article 4.5 of the Land Use Management Ordinance, as a Minor Change to the 2003 Special Use Permit;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council endorses a $70,000 one-time payment to the Town of Chapel Hill Revolving Acquisition Fund to be made prior to issuance of the first Certificate of Occupancy for the Residence Inn development.

BE IT FURTHER RESOLVED by the Council of the Town of Chapel Hill that confirmation of the Minor Change to the Special Use Permit authorizing the $70,000 payment-in-lieu of providing an affordable housing unit shall be recorded at the Orange County Register of Deeds, in a manner approved by the Town Manager, prior to issuance of a Certificate of Occupancy for the Residence Inn development.

This the 23^rd day of January, 2006.