A RESOLUTION AUTHORIZING THE TOWN MANAGER TO COMPLETE AMENDMENT #3 TO THE DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF CHAPEL HILL AND THE RAM DEVELOPMENT COMPANY OF FEBRUARY 12, 2007 (2009-01-12/R-5)

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, concerning LEED standards and parking for affordable housing; and

WHEREAS, the Town of Chapel Hill and Ram Development Company entered into Amendment #2 to the Development Agreement, dated September 6, 2007, to make conforming changes to the Special Use Permit authorized by the Council on June 27, 2007;

WHEREAS, Ram Development Company desires to assign its rights under the Development Agreement to 140 West Franklin, a North Carolina limited liability company and to amend the Ground Lease (Exhibit D of the 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 the attached Third Amendment to and Assignment of General Development Agreement [4.4 MB pdf] between the Town of Chapel Hill, Ram Development Company, and 140 West Franklin LLC; and to make conforming changes to the Ground Lease reflecting this assignment, as well as changes necessary for compatibility with the Council’s decision on the Special Use Permit for this project.

This the 12^th day of January, 2009.