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26 <br /> Slide#2 <br /> TIMELINE FOR THE APPROVAL OF THE CONDOMINIUM <br /> DOCUMENTS <br /> • July 8th - Condominium documents and MOU were <br /> presented to the Board for comment <br /> • Fall 2025 — The Town of Carrboro and Orange County <br /> worked to update the documents based on comments by <br /> the Orange County Board <br /> • January 20th, 2026 — Orange County Board to review and <br /> approve the Condominium Documents <br /> • Feb 2026 — Carrboro Board will approve condominium <br /> documents <br /> • Spring 2026 — Town and County staff will update and <br /> present to the County Board and Town Council the updated <br /> Memorandum of Understanding <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Slide#3 <br /> RELATIONSHIP BETWEEN THE CONDOMINIUM AGREEMENTAND <br /> MEMORANDUM OF UNDERSTANDING <br /> • The condominium agreement establishes the legal basis for the joint <br /> ownership of the property. Once approved by both jurisdictions, it will <br /> be recorded as part of the official record. There will be little need to <br /> change this document going forward. <br /> • The Memorandum of Understanding ("MOU") establishes the <br /> principles for the joint operation of the facility outside of those <br /> stipulated in the condominium agreement. Both jurisdictions approve <br /> the MOU, which may be amended as needed and re-approved by <br /> both jurisdictions. <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />