A RESOLUTION AUTHORIZING A MEMORANDUM OF UNDERSTANDING BETWEEN THE TOWN OF CHAPEL HILL AND RAM DEVELOPMENT COMPANY (2005-10-24/R-9)

WHEREAS, on December 6, 2004, the Council authorized initiation of a Request for Qualifications developer solicitation process; and

WHEREAS, on February 28, 2005, the Council authorized issuance of a Request for Proposals to five development teams which responded to the Request for Qualifications; and

WHEREAS, on March 7, 2005, the Council authorized issuing a Request for Proposals to the five selected developers which included a provision for the Council to consider awarding Phase 2 to the developer selected for Phase 1; and

WHEREAS, two development teams, Ram Development Company and the team of Grubb Properties and Leyland Alliance, submitted proposals to the Town to develop Parking Lot 5 and the Wallace Deck sites; and

WHEREAS, on June 15, 2005, the Council reviewed an analysis of the development proposals by the Town’s consultant and authorized the Town Manager to proceed with negotiation of a Development Agreement with Ram Development Company;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes the Town Manager to execute the Memorandum of Understanding with Ram Development Company as contained in Attachment 2 to the Manager’s Memorandum to Council of October 24, 2005.

BE IT FURTHER RESOLVED that the Council authorizes the Town Manager to negotiate a Development Agreement with Ram Development Company with the continuing participation of Council Members Strom, Greene, and Hill, based generally on the concepts as described in the Memorandum of Understanding, for Council’s consideration by March 31, 2006.

This the 24^th day of October, 2005.