Agenda - 04-25-2001-4 - Laserfiche WebLink

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- .._ _ . ~. _ -. - 7 -_ ~ - . in either case without the consent of the other Greene Tract Owners. To the extent permitted by law,. Chapel Hill agrees not to initiate anyproceeding to rezone any portion of the Greene Tract during the "bargaining- period," without the consent of 'the other Greene Tract Owners. Chapel Hill states its current intent to accommodate any agreed-upon future uses or range of uses of the remainder~of the Greene Tract in its Development Code/Ordinances and states its recommendation to future Chapel Hill Governing Boards. to the same effect. After the "bargaining period" is completed, namely, the ,day after the last day of the bargaining period, no Greene Tract Owner shall (1) file any 'legal action or proceeding to force any_sale or division of the Greene Tract, or (2) enter into-any agreement to. sell, mortgage or otherwise transfer all or any ~~ part of ~.ts ownership interest in the Greene Tract, in either Case without giving the other Greene Tract Owners at least 60 days' prior notice of such filing or entering into an agreement. In addition, after the "bargaining period" is~ completed, any Greene Tract Owner may give 60 days' prior notice of an election to be no longer bound by the above restrictions pertaining to the uses of and whether to impose use restrictions on the remainder of the Greene Tract, and such election shall be effective at the end of the notice period. The Parties agree that any non System use of any portion of the remainder of-the Greene Tract or any . d~.sposition of any'~ortion.of the remainder of the Greene Tract shall result',%n payment•to the County of the Reimbursement Amvur~~,for deposit in the System enterprise • fund . • :~. . ~~~~. 4. By replacing the date in the first paragraph of Part 7 with the following: "one month after the effective date of this Agreement." 5. By amending subsection (c) of the "Members; Terms" provision of Exhibit C to the Agreement to read as follows: (c) The first year of the term of each initial member of 'the Advisory Board shall be deemed to expire on June 30, 2001. Thereafter, each year of the term of an Advisory Board member will run from July 1 through the subsequent June 30, but each member shall continue to serve until such member's successor has been duly appointed and qualified for office.