Orange County NC Website
Browse       Search
10 <br />improvements thereon which are not conveyed to the County for use as parking <br />spaces and the Orange County Southern Branch Library. <br />M. As contemplated by this agreement, upon completion of construction the building <br />and parking garage shall be converted to condominium ownership, with the Town <br />and the County each owning condominium interests in building space and <br />associated parking spaces. This includes parking spaces in any constructed <br />parking structure and ground spaces. As part of the condominium arrangement, <br />the parties will also have an undivided interest in the Common Areas designated <br />on the final plans, and which Common Areas will be subject to the rules, rights <br />and responsibilities established in the condominium documents. The parties agree <br />that the conversion of spaces in the parking deck to condominium ownership will <br />include in the condominium documents language establishing appropriate <br />easements for ingress, egress and access to and between the public right -of -way <br />and all parking spaces and establishing rules and regulations concerning use, <br />management and maintenance of parking spaces. The parties agree that in the <br />event on -site parking spaces are constructed as part of the project an adequate <br />number of on -site parking spaces will be owned and paid for by the County shall <br />be available for use by Library patrons during normal Library operating hours. <br />This number of spaces will be determined during the permitting and design of the <br />project. These spaces will be made available to the Town while the Library is <br />closed. All parking spaces will be considered flexible in use by both the Town <br />and County so as to not cause unreasonable restrictions supporting Facility use by <br />either the Town or County. The parties understand and agree that the Town will <br />police and enforce all parking rules and regulations for the Facility. Moreover, if <br />either party decides in the future to consider converting their parking spaces to <br />paid parking, they will, prior to making a final decision to convert their spaces to <br />paid parking spaces, discuss the issue with the other party. Each party shall be <br />responsible for managing their condominium units unless the parties mutually <br />agree otherwise in writing. Each party has the right to protect and isolate its <br />parking (e.g. gated parking for continued free parking during library hours should <br />paid parking be otherwise established) for the Parties' sole use and interest. <br />ARTICLE IV <br />Allocation Of Project Costs <br />The Parties shall share in the costs of the Project as follows: <br />A. Pre - development costs, site improvement costs, building design and construction <br />costs, construction administration costs, financing costs, and contingency costs <br />shall be shared by the parties in accordance with the Elements of Value attached <br />as Exhibit C to this Agreement. The parties recognize and agree that some of <br />these Values and the corresponding level of proportionality may not be finally <br />established until after the majority of the design work is completed (and after this <br />Agreement is executed). The parties acknowledge that Exhibit C represents their <br />general understanding of the cost sharing; however, the parties agree to negotiate <br />7 <br />