Agenda - 04-29-2002 - 3c - Laserfiche WebLink

Browse Search

in either case without the consent of the other Greene Tract Owners. To the extent permitted by law, Chapel Hill agrees not to initiate any proceeding 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 fiction or vroceeding to force any sale or division, of the Greene Tract, or (2) enter into any agreement to sell, mortgage Or otherwiae transfer all or any part of its 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 o 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 disposition of any 'uorticn of the remainder of the Greene Tract shall result An payment. to the County of the Reimbursement Ambuttk for .deposit in the System entexprfse fund. • By replacing the date in the first paragraph of part l with the fallowing: ^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 Sure 30, 2001. Thereafter, each year of the terns of an AdVisory Board member will ran 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.