The Town of Chapel Hill could potentially authorize the town's acquisition of the American Legion property tonight.
The Town Council will hold a public hearing at Town Hall tonight to give the community the opportunity to air their thoughts and concerns over a proposed resolution to purchase the roughly 35-acre tract for $7.9 million.
Based on feedback and a majority vote from the council, the town could authorize the resolution to purchase the land.
Development of the land has been a prominent issue in the community ever since the town waived their right of first refusal to purchase the property for $10 million. Since then, the town has heard plans from third-party developer Woodfield Investments to develop the land for multiple buildings with a mix of uses, but mostly for multi-family apartments.
After hearing the concept plan from Woodfield Investments in September, the town was again given the option to buy the property directly from American Legion Post 6 for $9 million. The current resolution was negotiated by the town manager and town attorney in conjunction with the leadership of the American Legion.
Chapel Hill Town Council member Michael Parker said the resolution to purchase would allow the town to shape its own destiny for the land.
"I think it’s a good opportunity for the town to be proactive and instead of reacting to what developers sometimes bring to the town, really be proactive; and through a community planning process decide what the town wants and then make it happen," Parker said.
As the resolution stands, the town will purchase the land with an initial payment of $3.6 million, which will come from the town's fund balance. Further sources of income for future payments have yet to be decided, though the town has considered selling off part of the property for private development. Town Council member Ed Harrison said this would be one of the primary issues to be discussed at the hearing.
"There are people who are saying this looks like we’re going $4.3 million into debt because they may have not seen the part about selling off some the land. And then there are people who say, 'We really wish you wouldn’t let someone build a big building over part of it' — but that’s how we pay for it," he said.