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10 <br />1 <br />Robert Dowling said the CHT will continue to do business as usual with a 99 year <br />2 <br />affordability clause; but they will agree tosign a collateral agreement with the bank, and if CHT <br />3 <br />does not step in, the bank gets the fee simple loanin the event of a foreclosure. <br />4 <br />Commissioner McKee suggested that the percentage numbers in Commissioner <br />5 <br />Gordon’s email should be made available to thepublic. <br />6 <br />Commissioner Gordon asked for input from John Robertson the fee simple interest and <br />7 <br />the maintenance of the 99 year affordability. <br />8 <br />John Roberts said the risk is not about losing the 99 year affordability. He said the risk <br />9 <br />is that there is would be a spate of foreclosures,and the County would have to come up with <br />10 <br />hundreds of thousands of dollars to keep the 99 year affordability. He said this is a financial <br />11 <br />risk to the County. <br />12 <br />Commissioner Rich acknowledgedChair Jacobs idea, and she said CHT is always <br />13 <br />trying to think of creative ideas. <br />14 <br />Commissioner Rich called the question. <br />15 <br />16 <br />VOTE: UNANIMOUS <br />17 <br />18 <br />b.Southern Branch Library Letter of Intent Approval <br />19 <br />The Board consideredauthorizing the Chair to execute a Letter of Intent with regard to <br />20 <br />the Southern Branch Library upon the approval of the County Attorney. <br />21 <br />Jeff Thompson reviewed a map of the property. He said the letter of intent is a non- <br />22 <br />binding agreement. He reviewed the following information from the abstract: <br />23 <br />24 <br />BACKGROUND: <br />On May 13, 2014, the Board of County Commissioners authorized staff to <br />25 <br />engage in negotiations with Main Street Partners of Chapel Hill, LLC (“Main Street”) regarding <br />26 <br />the potential location of the Southern Branch Library on property adjacent to the 300 Main <br />27 <br />development located in Carrboro known as the ButlerProperty. <br />28 <br />29 <br />The attached Letter of Intent is drafted to frame the future negotiations for the definitive <br />30 <br />agreements necessary for the potential development and construction of a Southern Branch <br />31 <br />Library. The County’s execution of this Letter of Intent does not bind the County to locate the <br />32 <br />Southern Branch Library on the Butler Property nor does it obligate the County to enter into <br />33 <br />definitive agreements with Main Street in the future. <br />34 <br />35 <br />FINANCIAL IMPACT: <br />Execution of this Letter of Intent and the subsequent negotiation of the <br />36 <br />Contract Agreement will require a Professional Services Agreement amendment in an amount <br />37 <br />not to exceed $25,000 for this task. Adequate funds are available for this amendment within the <br />38 <br />Southern Branch Library Capital Project. <br />39 <br />40 <br />Southern Branch Library -Estimated Project Activity Timeline <br />41 <br />This estimated timeline for the development, construction, and operation of the potential <br />42 <br />Southern Branch Library is as follows. A conservative 4-6 month contingency intervalis <br />43 <br />reasonable for planning purposes and process delays. Bolded activities signifyBoard of County <br />44 <br />Commissioner actions. <br />45 <br />46 <br />Event Estimated Completion Date <br />47 <br />48 <br />Board of County Commissioners Action: October, 2014 <br />49 <br />Approval of Letter of Intent between Orange County and Main <br />50 <br />Street <br /> <br />