A RESOLUTION AUTHORIZING THE TOWN MANAGER TO COMPLETE AMENDMENT #2 TO THE DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF CHAPEL HILL AND THE RAM DEVELOPMENT COMPANY OF FEBRUARY 12, 2007 (2007-06-27/R-18)

WHEREAS, the Town of Chapel Hill and Ram Development Company entered into a Development Agreement for the Lot 5 Downtown Economic Development Initiative dated February 12, 2007; and

WHEREAS, the Town of Chapel Hill and Ram Development Company entered into Amendment #1 to the Development Agreement, dated April 3, 2007; and

WHEREAS, the Town Council in its role as regulator of development has made decisions relating to the Lot 5 Downtown Economic Development Initiative that result in a need for conforming changes to be made in the Development Agreement for compatibility;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes 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 to make conforming changes to the agreement necessary for compatibility with the Council’s decision on the Special Use Permit for this project.

This the 27^th day of June, 2007