A RESOLUTION AUTHORIZING EXTENSION OF THE MEMORANDUM OF UNDERSTANDING BETWEEN THE TOWN OF CHAPEL HILL AND RAM DEVELOPMENT COMPANY (2006-06-26/R-26)

WHEREAS, on October 24, 2005, the Town Council authorized the execution of a Memorandum of Understanding and the negotiation of a Development Agreement with Ram Development Company; and

WHEREAS, on May 8, 2006, the Council authorized the Manager to execute an amendment to the Memorandum of Understanding to extend the time period for negotiations until June 30, 2006; and

WHEREAS, the Council finds that further negotiations are needed in order to reach agreement on a 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 an amendment to the Memorandum of Understanding to extend the time period for negotiations until October 1, 2006.

This the 26^th day of June, 2006.