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10 <br /> TOWN OF CHAPEL HILL <br /> Town Manager's Office <br /> r 405 Martin Luther King Jr. Blvd. <br /> Chapel Hill,NC 27514-5707 <br /> phone(919)968-2743 fax(919)969-2063 <br /> www.townofchapelhill.org <br /> August 5, 2024 <br /> Travis Myren <br /> County Manager <br /> Orange County <br /> 300 W. Tryon Street <br /> Hillsborough, NC 27278 <br /> Subject: Greene Tract Development Finance Initiative Support <br /> Travis, <br /> The Towns of Carrboro and Chapel Hill, along with Orange County have worked <br /> developing a Master Plan for the Greene Tract over the past year and understand the <br /> next step is to engage the services of the School of Government Development <br /> Finance Initiative (DFI). <br /> The 2021 Interlocal Agreement between the three jurisdictions states the <br /> development of the property will provide affordable and mixed income housing. The <br /> Agreement further states that financial responsibility for all costs associated with <br /> implementing the project shall be shared at the 43/43/14 proportions. <br /> The proposal from DFI includes a total cost of $132,400 payable in equal <br /> installments over two years with Chapel Hill's share equaling $56,932 (annual <br /> amount of$28,466). Chapel Hill believes the scope of service proposal will create a <br /> market-feasible program of development. <br /> I wanted to share with you that Chapel Hill supports Orange County entering a <br /> contract with DFI for the financial analysis consultant services for the Greene Tract <br /> and is prepared to obligate its financial share. <br /> Sinc rely, <br /> Ma Jane irdlinger <br /> Deputy Town Manager <br />