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File #: [21-0292]    Version: 1 Name:
Type: Consent Status: Passed
File created: 3/26/2021 In control: Town Council
On agenda: 4/7/2021 Final action: 4/7/2021
Title: Authorize the UNC Letter of Intent for the East Rosemary Parking Deck and Authorize the Drafting and Signing of a Purchase and Sale Agreement.
Attachments: 1. Letter of Intent, 2. Council Questions with Staff Response, 3. A RESOLUTION AUTHORIZING THE TOWN MANAGER TO MAKE MINOR NON-SUBSTANTIVE CHANGES AND TO SIGN AN LETTER OF INTENT WITH UNC FOR 100 SPACES AT THE EAST ROSEMARY PARKING DECK AND TO PROCEED WITH DRAFTING AND SIGNING A PURCHASE AND SALE AGREEMENT WITH THE UNIVE
Related files: [20-0645], [20-0574], [20-0736], [20-0186], [20-0469], [20-0584], [20-0643], [20-0644], [21-0184], [21-0568], [21-0559]

title
Authorize the UNC Letter of Intent for the East Rosemary Parking Deck and Authorize the Drafting and Signing of a Purchase and Sale Agreement.
body

Staff:
Department:
Dwight Bassett, Economic Development Officer
Town Manager

Overview: The Town of Chapel Hill is committed to strengthening its fiscal and economic sustainability by enhancing downtown. The Town encourages developing new office space, which was stagnant for over a decade in Chapel Hill, to help strengthen the economy of downtown. Council authorized the East Rosemary Economic Development Agreement as a framework to guide this project and help create this investment.

Downtown, and more specifically the east end, has needed reinvestment to help build a strong economic climate for all of downtown. Both the existing Grubb building (CVS Plaza) and the proposed office building would work to tap the Meds/Eds/Beds (medical, education, and hospital/hospitality) sectors of our market. We believe we have tremendous potential for growth of entrepreneurial technology companies as well as retaining some of the research from UNC with biotechnology and life sciences companies.

As a part of negotiating to build the East Rosemary Parking Deck, Council has considered the possibility of selling rights to 100 parking spaces to UNC. These 100 parking spaces would help support the University's new Admissions Building at Porthole Alley.


Recommendation(s):
That the Council authorize the Town Manager to make minor non-substantive changes and to sign the Letter of Intent with UNC for 100 Spaces at the East Rosemary Parking Deck and to proceed with drafting and signing a Purchase and Sale Agreement with the University.

Decision Points:
* Sell 100 Parking Spaces to UNC for the cost of construction (Est. $3,000,000)
* Accept payment for Operation and Maintenance of the spaces for the life of the Parking Deck.

Key Issues:
The Letter of Intent allows the University to purchase 100 spaces in the new deck for approxima...

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