Orange County NC Website
O <br />`f <br />The Greene Tract Owners agree that among the issues to be <br />addressed in the bargaining process are (1) the specific future uses, <br />or ranges of use, to be made of the remainder of the Greene Tract <br />(including issues of devoting different portions to different uses, <br />devoting portions to public uses and the possibility of making <br />portions available for sale or private use), and (2) whether to impose <br />specific use restrictions, either through deed restrictions or through <br />governmental regulation. The Greene Tract Owners agree that during the <br />"bargaining period" each should provide opportunity for public comment <br />on possible or proposed uses or dispositions. <br />During the "bargaining period," no Greene Tract Owner shall (1) <br />file any legal action or proceeding to force any sale or division of <br />the Greene Tract, or (2) enter into any agreement to sell, mortgage or <br />otherwise transfer all or any part of its ownership interest in the <br />Greene Tract, in either case without the consent of the other Greene <br />Tract Owners. To the extent permitted by law, Chapel Hill agrees not <br />to initiate any proceeding to rezone any po=tion of the Greene Tract <br />during the "bargaining period," without the consent of the other <br />Greene Tract Owners. Execution and delivery `of this Agreement by the <br />Greene Tract Owners constitutes consent of the Greene Tract Owners for <br />Chapel Hi11 to rezone the Exhibit E property "as described in this Part <br />5. Chapel Hill states its current intent to accommodate any agreed- <br />upon future uses or range of uses of the remainder of the Greene Tract <br />in its Development Code/Ordinances and states its recommendation to <br />future Chapel Hill Governing Boards to the same effect. <br />After the "bargaining period" is completed, namely, the day after <br />the last day of the bargaining period, no Greene Tract Owner shall (1) <br />file any legal action or proceeding to force any sale or division of <br />the Greene Tract, or (2) enter into any agreement to sell, mortgage or <br />otherwise transfer all or any part of its ownership interest in the <br />Greene Tract, in either case without giving the other Greene Tract <br />Owners at least 60 days' prior notice of such filing or entering into <br />an agreement. In addition, after the "bargaining period" is completed, <br />any Greene Tract Owner may give 60 days' prior notice of an election <br />to be no longer bound by the above restrictions pertaining to the uses <br />of and whether to impose use restrictions on the remainder of the <br />Greene Tract, and such election shall be effective at the end of the <br />notice period. <br />The Parties agree that any non System use of any portion of the <br />remainder of the Greene Tract or any disposition of any portion of the <br />remainder of the Greene Tract shall result in payment to the County of <br />the Reimbursement Amount 'for deposit in the System enterprise fund, <br />6. The County will finance community benefits from System funds to <br />the extent legally permissible. <br />The Parties will cooperate to provide public benefits to the <br />community of residents and property owners in the neighborhood of the <br />existing landfill, <br />9 <br />