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Mecklenburg County Notice Of Intent To Sell Property To Brooklyn Village LLC

On December 18, 2007, the Mecklenburg County Board of Commissioners adopted a Resolution declaring its intent to sell three (3) parcels of land to be subdivided from Tax Parcels 125-071-20 and 125-071-25 to Brooklyn Village LLC for construction of a mixed-use development to be called Brooklyn Village.  The purpose of this notice is to generally describe the property involved, the nature of the interest to be conveyed, and all of the material terms of the proposed transaction.  Because of the length of the proposed Agreement of Sale, including Exhibits A - G, it is not practical to list all of the provisions; however, a copy of the full Agreement of Sale for County Property can be obtained from the Office of Clerk to the Board located on the 11th floor of the Charlotte-Mecklenburg Government Center, 600 East 4th Street, Charlotte, NC.  The following is a general description of the proposed transaction:

The Property:

Location:
Three (3) parcels of land to be subdivided from Tax Parcels 125-071-25 and 125-071-20 located at 800 East 3rd Street and 701 East Martin Luther King Boulevard, respectively 

Acreage: 
Approximately 7.655 acres

Nature of Interest to be Conveyed:

Real Property: 
Fee simple ownership (with deed restrictions) of a portion of Tax Parcels 125-071-25 and 125-071-20, provided that Tax Parcel 125-071-20 shall be conveyed subject to the Board of Education Lease attached as Exhibit E to the Agreement of Sale, which lease has a term of up to three (3) years.

Purchase Price: 
$18,947,498

Acceptance Date: 
The offer to purchase is irrevocable by Brooklyn Village LLC until 5:00 p.m. on March 1, 2008.

Earnest Money: 
$10,000, to be deposited with Chicago Title Insurance Company as escrow agent

General Description of Material Terms:

Utilities – Marshall Park: 
Mecklenburg County will maintain Marshall Park, including paying for electric utility services until the day of Closing

Conditions Precedent: 
In addition to other conditions in the Agreement, there are two conditions precedent to Brooklyn Village LLC’s purchase of the three parcels from Mecklenburg County.  They are:

  1. On or before December 1, 2012, the final unappealable dismissal of plaintiff Jerry Reese’s civil actions with prejudice to the plaintiff;
  2. The acquisition of the Romare Bearden Park Site by Mecklenburg County.

Inspection Period:
One hundred twenty (120) days from and after satisfaction of the Conditions Precedent

Closing Date: 
One hundred fifty (150) days after satisfaction of the Conditions Precedent 

Architectural Plans: 
If Brooklyn Village LLC elects to terminate the Agreement during the Inspection Period, the architectural plans, specifications, and $100.00 of the earnest money (paid as an inspection fee) will be delivered to Mecklenburg County.  The balance of the earnest money in the amount of $9,900.00 plus accrued interest will be refunded to Brooklyn Village LLC.

Seller’s Covenants: 
Mecklenburg County agrees and covenants to, among other things:

  1. Use diligent, good faith efforts to actively defend and cause the dismissal of  Jerry Reese’s Civil Actions;
  2. Execute and deliver a ground lease agreement with Brooklyn Village LLC with respect to the CMS Parcel (Tax Parcel No. 125-071-20), which ground lease agreement will terminate after the Board of Education Lease and completion of asbestos abatement on the CMS Parcel;
  3. On or before June 1, 2008, commence construction to reroute the existing Marshall Park underground stormwater culvert as agreed unless a different route is more feasible;
  4. Deposit at Closing up to $3,200,000 in an escrow account to be used to reroute the culvert and perform other site development activities;
  5. Use diligent, good faith efforts to agree with Brooklyn Village LLC regarding the Park Designs, and Seller will develop the Second Ward Urban Park substantially in accordance with the agreed-upon Park Designs;
  6. Use diligent, good faith efforts to cause the Board of Education to vacate the leased space within twenty-four (24) months after the Agreement is fully executed; and
  7. Abate or cause to be abated all asbestos on the CMS Parcel (Tax Parcel No. 125-071-20).   

Buyer’s Covenants: 
Brooklyn Village LLC agrees and covenants to, among other things:

  1. Use diligent, good faith efforts to agree with Mecklenburg County regarding the Park Designs;
  2. Acquire the Property subject to the terms of the Board of Education Lease;
  3. Execute and deliver a ground lease agreement with Mecklenburg County with respect to the CMS Parcel (Tax Parcel No. 125-071-20), which ground lease agreement will terminate after the Board of Education Lease and completion of asbestos abatement on the CMS Parcel;
  4. Develop Brooklyn Village substantially in accordance with the Master Plan;
  5. Construct and develop Brooklyn Village to include a certain number of affordable housing units;
  6. Form the Brooklyn Village Master Association to participate in creating an annual list of events for the Second Ward Urban Park;
  7. Establish a citizens advisory group with representation from the Second Ward High School Association, the Charlotte-Mecklenburg Planning Commission, the Charlotte Center City Partners and the chairperson of the Mecklenburg County Board of Commissioners;
  8. Make a good faith effort to achieve a twenty percent (20%) minority participation in the construction of Brooklyn Village; and
  9. Use good faith efforts to organize a fundraising effort to restore and preserve the Second Ward High School Gym and convert it into a community center for the Second Ward Neighborhood and contribute to the amenities of the Second Ward Urban Park.

General Description of Exhibits:

Exhibit A  
Preliminary Subdivision Plat – On December 17, 2007, the Charlotte-Mecklenburg Planning Commission approved the preliminary subdivision plan (also referred to as the “preliminary subdivision plat”).  Prior to closing and conveyance of the Property, Mecklenburg County shall deliver to Brooklyn Village LLC a copy of the final recorded subdivision plat.

Exhibit B  
Park Designs – Exhibit B is the schematic design for the Second Ward Park, which was approved by the Board of County Commissioners on December 4, 2007.  “Park Designs” means the schematic design along with the park vision statement and the yet to be determined  annual calendar of park events

Exhibit C  
Agreement of Sale for Assemblage –The Assemblage is the site to be purchased by the County for constructing the recently named Romare Bearden Park in Third Ward.  The negotiated price for the Assemblage, $18,947,498, is the same as the price Brooklyn Village LLC will pay for the Brooklyn Village parcels.

Exhibit D  
Master Plan – Includes the Preliminary Subdivision Plat, Brooklyn Village Phase 1 Master Plan Illustrative and the Brooklyn Village Vision Statement

Exhibit E  
Form of Board of Education Lease – The executed Education Center Lease Agreement between Mecklenburg County and the Charlotte-Mecklenburg Board of Education

Exhibit F  
Form of Supplement – A deed restriction, which requires Brooklyn Village LLC and its successors to develop the Property in substantial accordance with the Exhibit D Master Plan unless otherwise approved in writing by the County and City of Charlotte

Exhibit G  
Housing Agreement – The Brooklyn Village Affordable Housing Agreement and Declaration of Restrictive Covenants entered into as of December 7, 2007 by the Charlotte Housing Authority, the City of Charlotte, Mecklenburg County and Brooklyn Village LLC.

The Board of Commissioners will consider whether to approve the Agreement of Sale for County Property during its January 2, 2008 meeting to be held in the Meeting Chamber at the Charlotte-Mecklenburg Government Center, 600 East 4th Street, Charlotte, NC.  Anyone wishing to obtain additional information about the proposed Agreement of Sale may contact Bobbie Shields, County Manager’s Office, General Manager, by telephone at (704) 336-2606 or Marvin A. Bethune, Mecklenburg County Attorney, by telephone at 704-377-1634 during normal business hours.



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