AGENDA #12
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to: |
Mayor and Town Council |
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from: |
Roger L. Stancil, Town Manager |
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subject: |
Authorization to Complete Amendment #2 to the Development Agreement between the Town of Chapel Hill and Ram Development Company |
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date: |
June 27, 2007 |
The purpose of this report is to request Council authorization for the Town Manager to develop and execute Amendment #2 to the Development Agreement for Lot 5 between the Town of Chapel Hill and Ram Development Company. The Amendment would make any conforming changes to the agreement necessary for compatibility with the Council’s decisions concerning the Zoning Atlas Amendment and Special Use Permit.
In its capacity as owner of the site, the Town of Chapel Hill executed a Development Agreement with Ram Development Company dated February 12, 2007 for the development of a mixed use project on Parking Lot 5. On April 3, 2007, the Town and Ram executed Amendment #1 to the agreement concerning LEED standards and parking for affordable housing.
The Town Council in its role as a regulator of development now has under consideration a Zoning Atlas Amendment and Special Use Permit from Ram Development Company for the Lot 5 project. Council’s discussion at the public hearing on June 18, 2007 and tonight’s consideration of key issues related to the project may result in changes being needed to the Development Agreement to achieve compatibility.
Therefore we propose that upon the conclusion of the Council’s consideration of the proposal in its regulatory role, the Council consider authorizing the Town Manager to prepare and execute an amendment to the Development Agreement to make any changes needed to the agreement to meet the terms of the Special Use Permit.
The Town Manager would complete the Amendment #2 to the Development Agreement with the developer prior to the recording of the approved Special Use Permit with the Register of Deeds.
We recommend the Town Council adopt the attached resolution authorizing the Town Manager to make any conforming changes to the Development Agreement as may be necessary for compatibility with the Council’s decision on the Special Use Permit for the Lot 5 Downtown Economic Development Initiative.