Agenda - 11-09-1999 - 1 - Laserfiche WebLink

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I The Greene Tract Owners agree that among the issues to be addressed in the bargaining process are (1) the specific future uses, or ranges of use; to be made of the remainder of the Greene Tract (including' issues of devoting different portions to different uses, devoting portions to public uses and the possibility of making portions available for sale or private use), and (2) whether to impose specific use restrictions, either through deed restrictions or through governmental regulation.-The Greene Tract Owners agree that during the "bargaining period" each should provide.opportunity for public comment on possible or proposed uses or dispositions. During the "bargaining period," no Greene Tract Owner shall (1) file any legal action or proceeding to force any sale or division of the Greene Tract, or (2) enter into any agreement to sell, mortgage or otherwise transfer all or any part of its ownership interest in the Greene Tract, 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. Execution and delivery of this*Agreement by the Greene Tract Owners constitutes consent of the Greene Tract Owners for Chapel Hill-to rezone the Exhibit E property as described in this Part S. 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 action or proceeding to force any sale or division of the Greene Tract, or (2) enter into any agreement to sell,.mortgage or otherwise 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, 'rior 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 no 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 portion of the remainder of the Greene Tract shall result in payment to the County of the Reimbursement Amount Tor deposit in the System enterprise fund. 6. The County will finance community benefits from System funds to the extent legally permissible. The Parties will cooperate to provide public benefits to the community of residents and property owners in the neighborhood of the existing landfill. 9