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C! <br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br />DEVELOPMENT AGREEMENT REGARDING <br />SOUTH GREENSBORO STREET PROPERTY <br />BY AND BETWEEN <br />THE TOWN OF CARRBORO, NORTH CAROLINA <br />AND <br />THE COUNTY OF ORANGE, NORTH CAROLINA <br />THIS DEVELOPMENT AGREEMENT (the "Agreement "), made and entered into <br />this `f TN day of OiRZe .66.12 , 2017, by and between the TOWN OF CARRBORO, a <br />North Carolina municipal corporation, hereafter referred to as the "Town ", and THE COUNTY <br />OF ORANGE, a North Carolina county, hereafter referred to as the "County ". Collectively, <br />the Town and the County are sometimes referred to in this Agreement as the "Parties ". <br />W I TNESETH: <br />WHEREAS, the County and the Town have desired to investigate and pursue the <br />development of an Orange County Southern Branch Library to be operated by the County and <br />located in downtown Carrboro; and <br />WHEREAS, the Town owns an approximately 0.88 acre parcel of land in Carrboro <br />known as 203 South Greensboro Street and identified by Orange County parcel identification <br />Number 9778 -85 -7932 (hereinafter, the "Property ", illustrated in Exhibit A) which the Town <br />acquired in April 2013 for a purchase price of Six Hundred Thousand Dollars ($600,000.00); and <br />WHEREAS, the Town has conducted facilities needs studies to determine and forecast <br />the Town's current and future needs for facilities to house Town administrative operations and <br />offices; and <br />WHEREAS, the Town and the County have each determined that they may each derive <br />benefits for themselves and for the residents of the Town and the County if they can <br />cooperatively plan and develop a facility (the "Facility ") to house the Orange County Southern <br />Branch Library and Town administrative offices, with potential for also accommodating other <br />compatible uses if space and financing considerations make such collocation feasible; and <br />WHEREAS, the County and the Town desire to establish terms pursuant to which they <br />will cooperatively proceed with the planning, financing and development of the Property for <br />joint use as a County library and Town administrative offices, and associated parking <br />garage /deck facilities (collectively, all proposed improvements to the Property may be referenced <br />to as the "Facilities "); and <br />WHEREAS, the Property is appropriately zoned for the use proposed for the project, <br />except that, in order for the County and the Town to construct and operate the Facility at the Site, <br />