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Corporations interested in pursuing this project must commit between May 1 and August 1, 2014 in order to be included in Phase 4 which includes eight building lots in total. 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. All lots in Phase 1, 2 and 3 are spoken for at this time, with the exception of Lot 9 in Phase 3 which is available on a first come first serve basis.
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 will share the cost of infrastructure (roads, sidewalks, utilities) with the University according to the following schedule:
100% Up Front
50% Up Front,
50% Over 10 Years
With either option, Corporations must pay the upfront portion of their infrastructure assessment in 30-60-90 day increments triggered by the execution of their land-lease document. We anticipate a March 1 lease with payments due April, May and June. The lease year can be determined by reviewing the timeline as it corresponds with and precedes by a few months the anticipated date of infratstructure work. The April payment would be 1/3 of the balance minus the $25,000 earnest money. The May and June payments would be the remaining 1/3 balance each.
Corporations will have 18 months from the time they sign the lease 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.