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ID <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DRAF <br />DATE <br />AGREEMENT <br />THIS AGREEMENT ( "Agreement ") is made on , 1990, by <br />and between the TOWN OF CHAPEL ,HILL, a North Carolina municipal <br />corporation whose address is 306 North Columbia Street, Chapel Hill, <br />North Carolina 27516 ( "Town "), and THE CULBRETH PARK COMMUNITY <br />DEVELOPMENT CORPORATION, a North Carolina nonprofit corporation whose <br />address is 222 Vance Street, Chapel Hill, North Carolina 27516 <br />( "Corporation ") ; Orange County, as a body politic and corporate, <br />enters into this Agreement solely to evidence that it is an interested <br />third party (in that it has made.representations to the North Carolina <br />Economic and Community Development ("ECD") in connection with a <br />i <br />Community Development Block Grant that this Agreement would be <br />signed) ; <br />W I T N E S S E T H: <br />WHEREAS, the Town has determined that a shortage of low- and <br />moderately priced housing exists in Chapel Hill, North Carolina, <br />despite any efforts made by private individuals or companies to <br />alleviate that shortagev <br />WHEREAS, both the Town and the Corporation have an interest in <br />promoting, and both intend to promote, the development, improvement, <br />preservation, and sale of decent, affordable housing and home <br />ownership opportunities for low- income persons in and around Chapel <br />Hill, North Carolina; <br />WHEREAS, the Corporation is constructing a subdivision located on <br />Culbreth Road, and the Corporation has an interest in selling, and <br />