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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 /> TH15 DEVELOPMENT AGREEMENT (the "Agreement"), made and entered into <br /> this r day of OFO- A-WR , 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 /> garageldeck 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 />