A RESOLUTION AUTHORIZING EXTENSION OF THE MEMORANDUM OF UNDERSTANDING BETWEEN THE TOWN OF CHAPEL HILL AND RAM DEVELOPMENT COMPANY FOR 90 DAYS (2006-05-08/R-10)

A RESOLUTION AUTHORIZING EXTENSION OF THE MEMORANDUM OF UNDERSTANDING BETWEEN THE TOWN OF CHAPEL HILL AND RAM DEVELOPMENT COMPANY FOR 90 DAYS (2006-05-08/R-10)

WHEREAS, on October 24, 2005, the Town Council authorized the execution of a with Ram Development Company Memorandum of Understanding and the negotiation of a Development Agreement; and

WHEREAS, the Council finds that further negotiations are needed in order to reach agreement on a Development Agreement;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes the Town Manager to execute an amendment to the Memorandum of Understanding to extend the time period for negotiations until June 30, 2006.

BE IT FURTHER RESOLVED that the Council authorizes the Town Manager to return to the Council no later than the Council’s second regular business meeting in June 2006, with a recommended Development Agreement or with a status report.

This the 8^th day of May, 2006.