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rA <br />and ongoing operations capital. It is anticipated that upon completion of the <br />Project, the parties may convert the Facilities to a condominium form of <br />ownership to be governed by covenants adopted by mutual agreement of the <br />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 for the Property under the <br />Town's Land Use Ordinance ( "LUO "). <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 />2. On -Site Infrastructure: The Town and the County shall cooperate with <br />respect to the design of the Facilities, including the planning and <br />development of any onsite infrastructure necessary for the construction, <br />use and operation of the Facilities at the Property in accordance with the <br />terms of this Agreement. <br />11 <br />