TOWN OF CHAPEL HILL - File #: [20-0644]

• File #: [20-0644]
• Version: 1
• Type: Discussion Item
• Status: Passed
• File created: 9/15/2020
• In control: Town Council
• On agenda: 9/30/2020
• Final action: 9/30/2020
• Title: Consider Exchanging 150 E. Rosemary for 125 and 135 E. Rosemary to Support the East Rosemary Redevelopment Project and Parking Deck.
• Related files: [21-0022], [21-0293], [21-0184], [24-0448], [20-0869], [21-0826], [21-0292], [23-0096]

Date	Ver.	Action By	Action	Result
9/30/2020	1	Town Council	adopted as amended	Pass
9/30/2020	1	Town Council	adopted	Pass

title

Consider Exchanging 150 E. Rosemary for 125 and 135 E. Rosemary to Support the East Rosemary Redevelopment Project and Parking Deck.

body

Staff:	Department:
Maurice Jones, Town Manager	Manager’s Office
Dwight Bassett, Economic Development Officer
Amy Oland, Director	Business Management
Bob Jessup, Attorney	Sanford Holshouser

Overview: Consider exchanging the Wallace parking deck (150 E. Rosemary) and property for the 125 East Rosemary and 135 East Rosemary deck and parcel for the purpose of building a new parking deck. It is anticipated that we will contract for the property but will not close on the contract until spring 2021.

For additional information, see the attached report on the proposed Economic Development Agreement and the March 4, 2020 Council Action authorizing a Memorandum of Understanding for this proposed Economic Development Project. <https://chapelhill.legistar.com/LegislationDetail.aspx?ID=4346784&GUID=8D2E8A1D-FC0F-4560-8DD6-3102529B1502&Options=&Search>=

Recommendation(s):

That the Council adopt the resolution authorizing the Town Manager to proceed with:

-                     Purchase of 125 East Rosemary and 135 East Rosemary from Grubb Properties and Investors Title;

-                     Transfer of 150 E. Rosemary to Grubb Properties; and,

-                     Payment of the difference in property values to Grubb Properities.

Land values: