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Approve and Authorize a Real Property Exchange and Easements Between the Town of Chapel Hill and Chapel Hill Ventures, LLC. on W. Rosemary Street and Pritchard Avenue.
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Staff:
Department:
Chris Blue, Manager
Town Manager
Mary Jane Nirdlinger, Deputy Town Manager
Overview: Pursuant to a prior Conditional Zoning approval, Chapel Hill Ventures, LLC intends to develop a downtown hotel property across parcels on W. Rosemary Street, S. Columbia Street, and Pritchard Avenue. The Town of Chapel Hill owns a parcel at 110 W. Rosemary that is necessary for development of the hotel. Chapel Hill Ventures, LLC seeks to exchange property at 208 Pritchard Avenue for the Town-owned parcel. The exchange was contemplated during the Conditional Zoning approval. This resolution would authorize the exchange of properties and the receipt of $430,000 to the Town as compensation for the difference in land values. This resolution would further authorize the grant of certain easements across adjacent Town property to facilitate hotel development, conditioned upon construction by Chapel Hill Ventures, LLC of a park on Town land.
Recommendation(s):
That the Council approve and authorize a real property exchange and grant of easements between the Town of Chapel Hill and Chapel Hill Ventures, LLC. related to properties on W. Rosemary Street and Pritchard Avenue.
Attachments:
* Resolution
* Exhibit - Draft Land Exchange and Easement Agreement with attachments
A RESOLUTION APPROVING AND AUTHORIZING AN EXCHANGE OF REAL PROPERTY OWNED BY THE TOWN OF CHAPEL HILL FOR OTHER REAL PROPERTY AND ADDITIONAL CONSIDERATION, AND FURTHER AUTHORIZING THE GRANT OF RELATED EASEMENTS OVER TOWN PROPERTY IN CONNECTION WITH DEVELOPMENT OF CERTAIN REAL PROPERTY LOCATED AT W. ROSEMARY STREET AND N. COLUMBIA STREET OWNED BY CHAPEL HILL VENTURES, LLC. (2023-11-15/R-3)
WHEREAS, the Council of the Town of Chapel Hill previously approved an application for Conditional Zoning for ...
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