A RESOLUTION TO AUTHORIZE THE STAFF TO DEVELOP AND RELEASE A REQUEST FOR PROPOSALS FOR A STUDY ABOUT THE AFFORDABILITY AND DEMAND FOR CONDOMINIUM UNITS THAT WOULD ANALYZE BOTH THE COMMON EXPENSE ASSESSMENTS FOR CONDOMINIUM UNITS AS WELL AS THE DEMAND FOR AFFORDABLE 1- AND 2 BEDROOM CONDOMINIUM UNITS OVER THE NEXT TEN YEARS (2008-09-22/R-6)

A RESOLUTION TO AUTHORIZE THE STAFF TO DEVELOP AND RELEASE A REQUEST FOR PROPOSALS FOR A STUDY ABOUT THE AFFORDABILITY AND DEMAND FOR CONDOMINIUM UNITS THAT WOULD ANALYZE BOTH THE COMMON EXPENSE ASSESSMENTS FOR CONDOMINIUM UNITS AS WELL AS THE DEMAND FOR AFFORDABLE 1- AND 2 BEDROOM CONDOMINIUM UNITS OVER THE NEXT TEN YEARS (2008-09-22/R-6)

WHEREAS, the Council seeks information about the demand for affordable 1- and 2 bedroom unit condominiums in Chapel Hill; and

WHEREAS, the General Development Agreement between the Town of Chapel Hill and the Ram Development Company includes an agreement on the part of the developer to provide a fund of up to $25,000 to be used by the Town to commission a study as to the most appropriate, effective, and fair means of ensuring the on-going affordability of Affordable Housing including the affordability of common expense assessments;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes the staff to develop and release a Request for Proposals for a study about the affordability and demand for condominium units that would analyze both the common expense assessments for condominium units as well as the demand for affordable 1- and 2 bedroom condominium units over the next ten years.

This the 22^nd day of September, 2008.