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6 <br /> structure with adequate capacity for the Project. Project characteristics will <br /> include sustainable design and operation elements consistent with the adopted <br /> facility development principles of the Board of Orange County Commissioners <br /> located as Exhibit B. The Parties also agree to incorporate the principles of value <br /> engineering during the design and construction process, thereby ensuring efficient <br /> design and use of both the initial construction capital and ongoing operations <br /> capital. It is anticipated that upon completion of the Project, the parties may <br /> convert the Facilities to a condominium form of ownership to be governed by <br /> covenants adopted by mutual agreement of the Parties. <br /> "Public facilities" means the major capital improvements, including, but not <br /> limited to, transportation, sanitary sewer, solid waste, drainage, potable water, <br /> educational,parks and recreational, and health systems and facilities. <br /> "Schematic Design Acceptance" means the point in time defined by the mutual <br /> acceptance of both the Town and County governing boards of the final Schematic <br /> Design offered by the Designer of the Project. <br /> "Shared Areas" are areas exclusive to a condominium owner that may be <br /> reasonably offered for use by other Parties according to a mutual agreement. <br /> "Town" means the Town of Carrboro, North Carolina. <br /> "Upfit costs" means the cost of interior finishes of space in the building to be <br /> constructed on the Property such as, but not necessarily limited to, floor finishes <br /> and carpets, wall treatments, electric outlets and fixtures, plumbing fixtures, and <br /> furnishings. <br /> ARTICLE II <br /> Description Of Development Agreement <br /> A. Legal Description;Property Owners. A map and the legal description of the <br /> Property are contained in Exhibit A. The Town is the owner of the Property. <br /> B. Permitted Uses. The uses permitted on the Property, including population <br /> densities and building types, intensities,placement on the Site and design, are <br /> controlled by the applicable zoning designation to the Property under the Town's <br /> Land Use Ordinance("L UO"). <br /> C. Public Facilities. The following public facilities will service the Development: <br /> 1. Off-Site Infrastructure: The Property is served by public water and <br /> sanitary sewer (Orange Water and Sewer Authority). The Property is also <br /> served by public roads under NCDOT jurisdiction and Town jurisdiction, <br /> and by storm water services administered by the Town. <br /> 4 <br />