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13 <br /> BACKGROUND: <br /> On December 20, 2016, the Board of Orange County Commissioners ("BOCC") and the <br /> Carrboro Board of Aldermen ("BOA") approved a non-binding Letter of Intent that authorized <br /> the County and Town Managers to negotiate a Development Agreement with regard to the <br /> Orange County Southern Branch Library located on the Carrboro owned parcel at 203 South <br /> Greensboro Street. Through the spring and summer months, the County and Town Managers <br /> and staffs negotiated the attached draft Agreement (Attachment 1 —"Draft Development <br /> Agreement"). <br /> Jeff Thompson reviewed some of the key points of the agreement below: <br /> Development Agreement Highlights <br /> 1. The Town and County Managers and staff have crafted and reviewed the draft Development <br /> Agreement language attached. Key negotiated points are as follows: <br /> i. Section III.K—Operating Subsidy. The Managers have a tentative agreement for <br /> Carrboro to install a $70,000 fiber-optic internet and networked communications <br /> infrastructure set as well as the ongoing support for this service in lieu of its cash and in- <br /> kind subsidy to the Cybrary. This service is part of a larger infrastructure investment <br /> sponsored by UNC. Should UNC terminate the service, replacement service terms will be <br /> negotiated between the County and Town at that time. Carrboro will be responsible for <br /> providing service within this negotiated framework. <br /> ii. Section IV—Allocation of Project Costs (Land, Site, Off-Site, Vertical Building, and <br /> Vertical Parking Structure). <br /> The Managers and staff have discussed the Elements of Value schedule (Exhibit C to the <br /> Development Agreement) to identify these cost sharing elements as either: 1) wholly <br /> owned by each Party (ex: interior space upfit); 2) equally shared; or 3) proportionally <br /> shared. These cost allocations are to be finalized by the County and Town no later than <br /> 45 calendar days after schematic design drawings are approved by both Boards. The <br /> Managers tentatively agree as follows: <br /> 1. Land costs: Owned by Carrboro, no contribution required by the County; <br /> 2. Design and permitting costs: Equally shared; <br /> 3. Parking Structure: shared proportionally based upon adequate parking needs as <br /> derived and designed during the design phase of the project. The Managers also <br /> agree that the overall parking design, space assignment, and management plan is to <br /> be flexible to support both the Town and County's needs. Carrboro will provide <br /> parking program management and enforcement for the overall <br /> facility; <br /> 4. Site-civil "On Site" and "Off Site (road improvements, etc.): Equally shared; <br /> 5. Shell building foundation, roof, and major functions: Equally shared; <br /> 6. Remaining Shell building components, Common Areas: Proportionally shared; <br /> 7. Interior Upfits: Owned by each Party; <br /> 8. Legal services: Owned by each Party. <br /> 2. Capital Project Planning. Carrboro is placing portions of a $15MM CIP item within its <br /> FY2017-18 appropriation for the 203 Greensboro design costs. Construction costs would be <br /> appropriated in FY18-19 and potentially FY19-20. The County's CIP is structured in a similar <br /> fashion where adequate design funds have been appropriated in previous fiscal years and <br /> adequate funds of$6.375MM for the County's portion of the Project's construction costs are <br /> contemplated in FY18-19 and FY19-20. As discussed in paragraph d.ii, the Parties will have 45 <br />