Agenda - 10-21-2014 - 7b - Laserfiche WebLink

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12 W. The implementation of all recommendations related to demolition and reuse of any existing structures on the Property in accordance with County policies, the cost of which, if in excess of Main Street's cost to demolish the same, will be borne by the County. X. The County acknowledges that, if a library was not to be located on the first floor of the proposed mixed use building on the Property, Main Street would at some time construct a similar overall building but with general daytime office space on the first floor instead of library and meeting space. Main Street and the County will work together to have an updated Traffic Impact Analysis performed comparing the trip generation and other impacts of the library use as compared to the alternative of a general office use. If it is determined that the library uses generates significant additional traffic impact as compared to the alternative of a general office use and such additional traffic impact significantly increases the number of parking spaces required above those that would be required if the Branch Library were daytime office space, then the County will reasonably work to secure additional vehicular access from the Property to Brewer Lane so as to ensure appropriate traffic flow for the Branch Library's higher intensity use without limiting Main Street's ability to develop the remainder of its property consistent with its existing CUP for the 300 East Main mixed -use development. Y. Consistent with the scope of each Parties responsibilities hereunder, all necessary and appropriate construction and crane easements will be secured by Main Street and County from all adjacent landowners, including UNC (the railroad right -of -way), and the Town of Carrboro (the Libba Cotton bikeway /greenway). 10. Representations and Warranties: Main Street and the County each represent to the other to the best of their respective knowledge: A. Main Street and the County have all requisite power and authority to execute this Letter of Intent, and any other instruments required to be delivered by Main Street or the County hereunder. B. Main Street's and the County's entry into this Letter of Intent will not violate any private restriction or agreement or to the best of Main Street's or the County's knowledge without investigation or inquiry any applicable statute, ordinance, governmental restriction or regulation. C. During the Term, Main Street will not execute or create any lease, contract, option, easement, covenant, condition, restriction, lien or encumbrance with respect to the Property or any portion thereof without the written consent of County unless the same is terminable upon no more than sixty (60) days written notice or otherwise may be cleared on or before any Closing or Lease Commencement Date that may be contemplated in any Contract that may be entered into between Main Street and the County or that otherwise will be subordinated to the County's potential ground lease. D. There is no pending or threatened action, litigation, bankruptcy, condemnation, or other proceeding of any kind pending against Main Street which materially adversely affects the Property. 11