Agenda - 01-26-2012 - 3 - Laserfiche WebLink

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� 13 . ,- : _- . , The Greene Trac� Ownexs agree that among �he issues to be � addxessed in �he basgaining �rocess are {1} the specifia future �ses, or xanges of use, �p 'D8 tnade of the remainder of the Greene Tract ' ' (incluc�ng� issues af devoting d.i�fere�t .portions to dif��rent uses, devoturg po�tians to publia use's and �he possibi3:it�r of making �ortions avai3able fo� sale ar gr�,vate use) , and (2} �vhe�.her to impos�e ' • specific.use restxi.ctions, either through deed- x-es�rictians oz through governm.:.�ta�- regv.7_a�ion. The�Gr�ene 7`ract Qwners agree that duzing the "hargaining period° eac33. should provide oppoxtunity fox pvblic carament on pos-sibl.e or propose3 v.ses or disposi.tioas. - �Dvrix�g the °bargaining periodr" no G-reene Tract Own.ex s}�all (I#- . file any �egal action or proceeding to farce any sale or division of . �he Greene Tr-act, or (�) entez i:�to any agreemP�� to s�ll, mortgage or otherw�.se trans�er al� or any part of its ownership interest in the Greene -Z`ract, in eithez case without tha cc�sent af the 'ather Gxeene Tract Ovrners. To the extent �exmitted by las'a;,i Chapel Hill agrees not ' , Lo �nitiate any pxoceeding to rezone any po�tion of the Greene Tract duri� the `°barg�in.ing . period,° withou� t}ae consent af the other . Greeza.e Tract �e�'s. �cecution. an.ci delivexy,`of this Agxeeme�t by khe • Greene Tract Owners constit*.ztes- �onsen� of t}.ie �reene 'Tract Ourn.ers foz Chapel HiZZ to ?:ezone the Lxhibit Ts progerty'�.s described in this Par� , � 5_ Chape3. H.i}.1 states its cvrrent inteztt to accommodate any agreed- upon future uses or range af us�s of the remainder of the Greene Tract a.aa. its Develoguten� Code/Ozdiriances aad states its recocc�mendation to future C�ape1 Hill �ovarn�-n� Baar-ds tQ the same effect. Af�er the "�bargaining period" is cocRgleted, namely, the day after the Iast d�y o� the ba..Ygaining period, no Gx-eene firac� Owner shall (I) �ile any 1ega1 action az- proceedi�g to force any sale or division of the Greene '�ract, or (2) ente� into aay agreemen.� to se12, mortgage �ar . otherwise t�ansfer a�� or any pa�-t of its ownership interest in the �reene Tract, in eithex case withaut givzn.+-� the other• Green� Tract owners at Ieast 60 days� prior notice o= such filing or enterzng .into ' an agreen�en�. In addition� a�ter tha nbaxgaining periodR is coztpleted, any Greene Tract Owner may give 60 days' prior not�ce of an 'el,ection � to be no longer bound by. the a.�ov� restrictians pertaining to the uses �f �.�3. whether ta impose use restrictioa� on the • remai.nder of the Greene Tzact, and such e7.ection shall be effective at t31e end o£ �he � natice p�ziod. , • . The Parties agree �hat any non 5ystem use of an�r portion of the retnainder of the Greene Tract oz any disposition. of a.ny portion of tb.e remainder of the Greene Traat sha�.7. restz7.� in pa�nent to the County of the Reimi7ursement Amount gor 8eposit in the Sys�em en�er�rise fund. 6. T�e Cotmty will �inance cammnunity benafi.ts from. 5ystem funds ta tha extan.t legal.7.y parmissihle. - The Pasties w�11 cooperate to pravida public benefits to the co��uity of resa.dents and propert� owmers z.n the neighborhood af the existir_g l.azzdfil�.. ' . s