A RESOLUTION AUTHORIZING THE TOWN MANAGER TO SIGN AN EXCLUSIVE RIGHT TO NEGOTIATE WITH RAM DEVELOPMENT COMPANY (2005-06-27/R-12)

WHEREAS, on December 6, 2004 the Council authorized commencement of a Request for Qualifications developer solicitation process to develop Town Parking Lot #5 and the Wallace Parking Deck sites; and

WHEREAS, on March 7, 2005 the Council authorized issuing a Request for Proposals to five developers which responded to the Request for Qualifications; and

WHEREAS, Ram Development Company and the team of Grubb Properties and LeylandAlliance submitted proposals to the Town to develop Parking Lot 5 and the Wallace Deck sites; and

WHEREAS, on June 15, 2005 the Council selected Ram Development Company of Palm Beach Gardens, Florida, as the Council’s preferred developer to develop the two sites; and

WHEREAS, on June 15 the Council also authorized the Town Manager to enter into development negotiations with Ram Development Company and to draft an Exclusive Right to Negotiate agreement with the developer for the Council’s consideration on June 27;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes the Town Manager to sign an Exclusive Right to Negotiate with Ram Development Company based substantially on the terms described in the Manager’s June 27, 2005 memorandum to the Council.

This the 27^th day of June, 2005.