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Fax: (919) 513-1325
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Participation
- Corporations interested in pursuing this project must commit between
May 1, and August 1, 2007 in order to be included in Phase 1 which
includes the first four building lots. Selection of lots will be first
come first served (by date, not time), with consideration given to
chapters who wish to build near their present house.
- Corporations must place a deposit of no less than
$25,000 in earnest money for the right to participate in this project.
Funds will be credited against future charges for infrastructure. Funds
may be paid through the NC State Foundation and will be held in account
by the University.
- Corporations must complete all items on the Greek
Village Participation Checklist within 90 days of submitting
a Letter
of Commitment and earnest
money.
- Corporations will share the cost of infrastructure (roads, sidewalks,
utilities) with the University according to the following schedule:
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Option A
100% Upfront
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Option B
50% Upfront,
50%
over 10 Years |
Phase 1 |
$315,000 |
$360,000 |
Phase 2 |
$350,000 |
$400,000 |
Phase 3 |
$385,000 |
$440,000 |
- With either option, Corporations must pay the upfront portion of their
infrastructure assessment prior to execution of their ground-lease
document.
- Corporations
will have 18 months from the time they commit to the project
to commence construction on their chapter house. Once started, Corporations
will have 18 months to complete construction and occupy their house.
- Corporations
may establish accounts within the NC State Foundation to accept
donations from alumni for the purpose of funding portions of their
chapter house that are deemed for “educational use” by
the IRS. Corporations may also fund their infrastructure assessments
through the Foundation.
- University is committed to the next steps:
April 2007 |
Engineering/Design firm will be selected
to begin design work for Phases 1 and 2 infrastructure |
May 1 - August 1, 2007 |
Chapters may submit earnest money and letter
of commitment to reserve one of four sites for Phase 1. Four commitments
are needed to proceed with the project. |
January 2008 |
Infrastructure work is slated to begin for
Phase 1 |
August 2008 |
Construction of four houses to begin |
August 2009 |
First new houses will be occupied |
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