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

Browse Search

' The Property is adjacent to 300 East Main. Main Street has an option to purchase the Property (the "Option "). A copy of the Option is attached hereto as Exhibit D. Main Street intends to integrate the Property into 300 East Main by utilizing similar design characteristics for the buildings to be built on the Property and by connecting the Property with the 300 East Main development through cross - easements and development covenants. Main Street anticipates the Property will ultimately include, among other improvements, a multi -story building (the "Building ") containing a basement level (containing some parking and mechanical installations), with the proposed Branch Library, and potentially some additional office space, on the first occupiable floor (with a finished floor elevation consistent with the nearby hotel /retail building and Main Street elevation) (hereinafter referred to as the "first floor "), and with 4 floors of single family apartments located on the upper floors of the building (collectively referred to as the "upper floors" or "upper stories "). It is also anticipated that the Parking Deck located on an adjacent parcel will be connected to the Building (but in such a manner as not to require the parking deck to be sprinkled) and will be enlarged and expanded in order to serve the Southern Branch Library and residents of the upper floor apartments. The expanded Parking Deck may also serve the public at large when the Branch Library is closed and not otherwise hosting County functions. The Parties' conception at this point of their respective responsibilities in designing and constructing the Project, along with an agreed upon anticipated timeline for completion of the Project as set forth on Exhibit E, all of which may change based on further investigation and negotiation by and between the Parties, is as follows: A. Main Street will be primarily responsible for procuring all necessary development approvals for the Project from the Town of Carrboro (the "Town "), including, but not limited to, attempting to obtain a modification to the existing CUP in order to permit the Branch Library on the Building's lower floors, the proposed multi - family apartment use on the upper floors as described herein and the Parking Deck expansion. The County will support Main Street's efforts to secure the necessary permits consistent with this LOI. B. Provided the Town approves all necessary development permits, the Parties will coordinate to complete construction drawings for the Building and the Project. The construction drawings shall be divided into four (4) separate parts (suitable to be permitted separately if necessary and suitable to be constructed pursuant to separate construction contracts): (1) preliminary schematic design for the site layout and external Building design; (2) the site work, foundations, the concrete and steel basement parking level, and the concrete and steel first floor of the building (with all attendant core areas on or passing through the parking level and first floor which may also serve the upper floors), the expectation that the first floor and basement level will be constructed with post- tensioned concrete; (3) the upper floors of the building; and (4) the Parking Deck expansion. The concept is that the Parking Deck expansion will be completed first because it will have to start first and has a much shorter duration than the other scopes of work, and that both scopes of work within the Building will be completed simultaneously. C. Provided the Town approves all necessary development permits for the County and Main Street's intended uses, the County thereafter will be contractually permitted to proceed with those components of the Project necessary for its intended uses should Main Street be unable or unwilling to complete any aspect of the Project within a reasonable time. 2