A RESOLUTION SELECTING RAM DEVELOPMENT COMPANY AS PREFERRED DEVELOPER TO DEVELOP TOWN PARKING LOT 5 AND THE WALLACE PARKING DECK SITES (2005-06-15/R-16a)

A RESOLUTION SELECTING RAM DEVELOPMENT COMPANY AS PREFERRED DEVELOPER TO DEVELOP TOWN PARKING LOt 5 AND THE WALLACE PARKING DECK SITES (2005-06-15/R-16a)

WHEREAS, on December 6, 2004, the Council authorized commencement 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 May 23, 2005, the Council interviewed representatives from the two development teams; and

WHEREAS, on June 2, 2005, the Council Committee on Lots 2 and 5 reviewed an analysis of the development proposals by the Town’s consultant and recommended the selection of Ram Development Company to proceed with negotiation of a development agreement;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council selects Ram Development Company of Palm Beach Gardens, Florida, as the Council’s preferred developer to develop Town Parking Lot #5 and the Wallace Parking Deck sites, as recommended by the Council Committee on Lots 2 and 5 on June 2, 2005;

BE IT FURTHER RESOLVED that the Council authorizes 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.

BE IT FURTHER RESOLVED that the Council appoints Council Members Strom, Hill and Greene to the negotiating team.

BE IT FURTHER RESOLVED that if negotiations with the Ram Development Company do not conclude in a Development Agreement, the Town Council may consider initiation of negotiations with Grubb Properties and Leyland Alliance.

BE IT FURTHER RESOLVED that, dependent on the performance of the development team in structuring and implementing the development of Wallace Deck and Town Parking Lot #5, the Council reserves the right to award or not to award at a later date Phase Two of the Downtown Economic Development Initiative – development of Town Parking Lot #2 and, potentially, the RBC Centura property at East Rosemary and North Columbia Streets – to Ram Development Company.

This the 15^th day of June, 2005.