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40 <br /> Attachment 4 <br /> STATE OF NORTH CAROLINA <br /> COUNTY OF ORANGE <br /> SECOND AMENDMENT TO 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 /> THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (the "Second <br /> Amendment "), amends the original DEVELOPMENT AGREEMENT REGARDING SOUTH <br /> GREENSBORO STREET PROPERTY BY AND BETWEEN THE TOWN OF CARRBORO, <br /> NORTH CAROLINA AND THE COUNTY OF ORANGE, NORTH CAROLINA dated <br /> December 4, 2017, as amended by the First Amendment to Development Agreement dated May <br /> 1, 2020, is made and entered into as of the day of , 2022,by and between <br /> the TOWN OF CARRBORO, a North Carolina municipal corporation, hereafter referred to as <br /> the "Town", and THE COUNTY OF ORANGE, a North Carolina county, hereafter referred to <br /> as the "County". Collectively, the Town and the County are sometimes referred to in this <br /> Agreement as the "Parties". <br /> W I TNESSETH: <br /> WHEREAS, the County and the Town entered into the original Agreement dated as of <br /> December 4, 2017; and <br /> WHEREAS, pursuant to the original Agreement, the Town has entered into contracts for <br /> the design and construction of the proposed improvements for the Project on the Property; and <br /> WHEREAS, significant changes have been made to the plan for development of the <br /> Property which is the subject of the Agreement; and <br /> WHEREAS, the Parties entered into a First Amendment to Development Agreement <br /> ("First Amendment") dated May 1, 2020, to reflect previous changes to the design and plan for <br /> development of the Property; and <br /> WHEREAS, the Town and the County have each received, reviewed and on March 15, <br /> 2022 approved the Guaranteed Maximum Price ("GMP"; copy of GMP dated March 8, 2022 is <br /> attached hereto and incorporated by reference herein) for the Project and have determined to <br /> proceed with completion of the Project based on the GMP approved for the Project in the amount <br /> of Thirty Four Million Six Hundred Ninety Two Thousand Sixty Seven and no Hundredths Dollars <br /> ($34,692,067.00); and <br /> WHEREAS, the Parties wish to further amend the Agreement as set forth herein to reflect <br /> the change in circumstances which have occurred since the execution of the First Amendment; and <br />