Agenda - 05-26-2011 - 3 - Laserfiche WebLink

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t i 1 i t 1 � a % The Greene Tract owners agree that ao.ng the issues to be addressed in Ube bargaining process are the specific future uses, or ranges of use, to be made of the remainder of the Greene Tract i (including issues of devotingi e n portions to different uses, ae�votjng portions ta public uses and the poosibility of making portioris available for sale or private use) , and whether to impose specific! use restxictions, either through deed restrictions or throiigh governmental regulation. The'Grdene Tract ow s agree that during the "bargaining pe iod" each ohould provide opportiinity for public comment on poasible or proposed uses or dispositioris t r ■ During the "bargaining period," no Greene Tract Owner shall file any legal action or proceeding to force any sale or division o the Greene 'exact t o (2) enter. into- any...agreement -to .sell, mortgage- or . . otheivise transfer all or any part of .its ownership interest in the. Greene -Tract, in either case without the consent of the 'other Greene Tract Owners. To *the extent permitted by l ;.,L chapel Hill agrees not to initiate any proceeding to rezone any PoVtion of the Greene Tract curing the "bargaining . period," without tie consent o the other Greene Tract Owners. Execiition and deliveryj'ofhi Agreement by the Greene Tract Owners constitutes consent of the Greene Tract owners for Chapel Hill to rezone the Exhibit R property` s described in this Part S. Chapel Hill states its ctirreat intent to accommodate any agreed- upon � future uses o �ae o uses o the remainder o the Greene Tract qk its Developmentoc e/ . ap es and states its �cecommendation to future Chapel. Hill Governing BoardSto the same effect After the 1'L-bargainingperiod" is completed, namely, the day after he last daythe bargaining period, no Greene TraQti owner shall. file any legal action or proceedingo force any sale or division o the Greene Tract, enter into any agreQmerxt to sell, mortgage Or hex ise ans ear all or any part of its ownership interest in the Greene Tract, in either case without giving the other. Greene Tract owners at least 60 days' prior notice of such filixig or ontori7ig 1XIto a �aqreement. in addition, after the %'bar aining period" is completed, any Greene Tract owner may give Go days' prior notice of an 'e .ec i-on o be no longer bound by. the above restrictions pertaining to the uaes of and whether to . ose use strictions on the + remainder of the Greene Tract, aid such election shall be effective at the end of the notice period. The Parties agree that any non system use of any pbrtion of the remainder of the Greene Tract or any disposition of any portioxiof the -remainder of the Greene 'bract shall result in payment to the County o the Reimbursement Amount for deposit in the Syati= enterprise fund. 61 The County will finanae communitybenefits from. System funds to the extent legally permissible. i The Parties will cooperate to provide public benefits to the community of residents and property owners in the xieighborhood of the existing landfills