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11 <br /> 4VTOWN ❑F CARRBORO • NC <br /> OFFICE ❑F THE TOWN MANAGER <br /> August 12, 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 /> Mr. Myren, <br /> The towns of Carrboro and Chapel Hill, along with Orange County, have worked on developing a master <br /> plan for the Greene Tract over the past year and understand that the next step is to engage the services <br /> of the School of Government Development Finance Initiative (DFI). <br /> The 2021 Interlocal Agreement between the three jurisdictions states that the development of the <br /> property will provide affordable and mixed-income housing.The agreement further states that financial <br /> responsibility for all costs associated with implementing the project shall be shared in 43/43/14 <br /> proportions. <br /> The proposal from DFI includes a total cost of$132,400 payable in equal installments over two years, <br /> with Carrboro's share equaling$18,536 (an annual amount of$9,268). Carrboro believes the scope of <br /> the service proposal will create a market-feasible program of development. <br /> I wanted to share with you that Carrboro supports Orange County entering into a contract with DFI for <br /> the financial analysis consultant services for the Greene Tract and is prepared to obligate its financial <br /> share. <br /> Sincerely, <br /> Patrice Y.Toney <br /> Town Manager <br /> p o <br /> 301 W. Main Street Carrboro, NC 27510 1 social media carrboronc.go), 919-942-8541 <br /> o: <br />