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Town of Chapel Hill Executive Summary |
Meeting Date: 03-23-2009 AGENDA #5a |
Title of Agenda Item: Information Report on Development Agreement Timetable for Lot 5
Background: The attached staff memorandum includes background information on the target dates for implementing the 140 West project for Lot 5 contained in the Development Agreement authorized by the Town Council on February 12, 2007, as amended, between the Town of Chapel Hill and Ram Development Company. The information report includes a summary of the project status in meeting these target dates. The report also reviews the project timetable in the Special Use Permit approved by the Council on June 27, 2007.
Fiscal Note: Upon substantial completion of the Parking Garage portion of the project, the Development Agreement calls for a Town expenditure of $7.245 million as a payment for construction of the public parking to be replaced on the site.
Staff Recommendation(s): That the Council receive this report.
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