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28 <br /> as follows: <br /> ARTICLE I <br /> Definitions <br /> The definitions contained in the Agreement are amended as follows, and except as <br /> amended herein shall remain unchanged: <br /> "Development" means the planning, design and construction of the Facilities on the Property <br /> located at 203 South Greensboro Street in Carrboro. <br /> "Facility" or"Facilities"means the improvements to be made at the Property pursuant to this <br /> Agreement. <br /> "Governing Body"means, with respect to the Town, the Town Council, and with respect <br /> to the County, the Board of County Commissioners. <br /> "Gross floor area" as used in this Agreement means the area of space within the building <br /> to be constructed on the Property occupied by each party to this Agreement, plus the proportional <br /> share of Common Areas attributable to each party (i.e., Common Areas shall be apportioned <br /> between the parties in proportion to the amount of "gross floor area" each occupies in the <br /> building or as otherwise determined and agreed to in writing by the Parties). The proportion of <br /> "gross floor area" occupied by each party shall be finally calculated upon completion of the <br /> construction plans for the Facilities to be constructed on the Property, and a written schedule <br /> (following in principle the Elements of Value Exhibit C) signed by each party shall be attached <br /> to this Agreement as an Addendum at that time. <br /> "Project" means the planning, design and construction of an approximately 50,000 gross <br /> square foot building, site improvements, and associated parking spaces and/or structure with <br /> adequate capacity for the Project. Project characteristics will include sustainable design and <br /> operation elements consistent with the adopted facility development principles of the Board of <br /> Orange County Commissioners attached as Exhibit B. The Parties also agree to incorporate the <br /> principles of value engineering during the design and construction process, thereby ensuring <br /> efficient design and use of both the initial construction capital and ongoing operations capital. <br /> Upon completion of the Project, the parties will convert the Facilities to a condominium form of <br /> ownership to be governed by covenants adopted by mutual agreement of the Parties. <br /> "Shared Areas" are designated areas owned by one Party that may be reasonably offered <br /> for use by other Parties according to a mutual agreement. <br /> ARTICLE II <br /> Description Of Development Agreement <br /> 2 <br />