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Property. <br />"Development Standards" means the standards for Development set forth in the <br />Town's Land Use Ordinance. <br />"Facility" or "Facilities" shall have the meaning set forth in the recitals. <br />"Governing Body" means, with respect to the Town, the Board of Aldermen, and <br />with respect to the County, the Board of County Commissioners. <br />"Gross floor area" as used in this Agreement means the area of space within the <br />building to be constructed on the Property occupied by each party to this <br />Agreement, plus the proportional share of Common Areas attributable to each <br />party (i.e., Common Areas shall be apportioned between the parties in proportion <br />to the amount of "gross floor area" each occupies in the building). The proportion <br />of "gross floor area" occupied by each party shall be finally calculated upon <br />completion of the construction plans for the building and parking deck to be <br />constructed on the Property, and a written schedule (following in principle the <br />Elements of Value Exhibit C) signed by each party shall be attached to this <br />Agreement as an Addendum at that time. <br />"Land Development Regulations" means the Town's Land Use Ordinance <br />( "LUO ") and /or those ordinances and regulations enacted by the Town for the <br />regulation of any aspect of development and includes zoning, subdivision, or any <br />other land development ordinances. <br />"Laws" means all ordinances, resolutions, regulations, comprehensive plans, land <br />development regulations, policies, and rules adopted by the Town affecting the <br />development of the Property, and includes laws governing permitted uses of the <br />property, density, design, and improvements. <br />"Local Government" shall mean the Town of Carrboro, North Carolina. <br />"N.C.G.S." means the North Carolina General Statutes. <br />"NCDEQ" means the North Carolina Department of Environmental Quality. <br />"NCDOT" means the North Carolina Department of Transportation. <br />"Project" means the planning, design and construction of an approximately <br />65,000 gross square foot building, site improvements, and associated parking <br />spaces and/or structure with adequate capacity for the Project. Project <br />characteristics will include sustainable design and operation elements consistent <br />with the adopted facility development principles of the Board of Orange County <br />Commissioners attached as Exhibit B. The Parties also agree to incorporate the <br />principles of value engineering during the design and construction process, <br />thereby ensuring efficient design and use of both the initial construction capital <br />3 <br />