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5 <br /> Property. <br /> "Development Standards"means the standards for Development set forth in the <br /> Town's Land Use Ordinance. <br /> "Facility" or"Facilities" shall have the meaning set forth in the recitals. <br /> "Governing Body" means, with respect to the Town, the Board of Aldermen, and <br /> with respect to the County, the Board of County Commissioners. <br /> "Gross floor area" as used in this Agreement means the area of space within the <br /> building to be constructed on the Property occupied by each party to this <br /> Agreement, plus the proportional share of Common Areas attributable to each <br /> party (i.e., Common Areas shall be apportioned between the parties in proportion <br /> to the amount of"gross floor area" each occupies in the building). The proportion <br /> of "gross floor area" occupied by each party shall be finally calculated upon <br /> completion of the construction plans for the building and parking deck to be <br /> constructed on the Property, and a written schedule (following in principle the <br /> Elements of Value Exhibit C) signed by each party shall be attached to this <br /> Agreement as an Addendum at that time. <br /> "Land Development Regulations" means the Town's Land Use Ordinance <br /> ("LUO") and/or those ordinances and regulations enacted by the Town for the <br /> regulation of any aspect of development and includes zoning, subdivision, or any <br /> other land development ordinances. <br /> "Laws" means all ordinances, resolutions, regulations, comprehensive plans, land <br /> development regulations, policies, and rules adopted by the Town affecting the <br /> development of the Property, and includes laws governing permitted uses of the <br /> property, density, design, and improvements. <br /> "Local Government" shall mean the Town of Carrboro, North Carolina. <br /> "N.C.G.S."means the North Carolina General Statutes. <br /> "NCDEQ" means the North Carolina Department of Environmental Quality . <br /> "NCDOT" means the North Carolina Department of Transportation <br /> "Project" means the planning, design and construction of an approximately <br /> 65,000 gross square foot building, site improvements, and associated parking <br /> 3 <br />