Lot #5 Development: “…up through the ground come a bubbling crude…”
Tuesday, March 20th, 2007
Well, not quite “black gold” or “Texas tea” but it appears that more “refined trouble” is brewing under Lot #5 (MAP).
Chapel Hill’s taxpayers will have to wait for next week’s official lab confirmation but, as of today (Mar. 20th, 2007), initial field tests of some of the nearly 30 core samples show “interesting” signs of contamination.
Hazardous waste remediation involving the fractured geology below the lot could prove to be quite expensive – launching the total taxpayer commitment to just south of the $12.5 million of equity that RAM Development, the Town’s private partner, is contractually obliged to contribute.
Of course, RAM will easily recover their equity and make millions on the deal. The fine folks of Chapel Hill will get an expensive hole in the ground.
Folks started calling on the Council to pull their heads out of the sand and do this environmental assay over a year ago, well before entering final negotiations with RAM Development. Council members Jim Ward and Laurin Easthom, before voting against the Lot #5 proposal, strongly argued that the “known unknown” of contamination deserved evaluation before signing the deal.
Unfortunately, caution, that night, was overridden by the zeal for the deal.
Another expensive “known unknown” lurking in the wings has been the cost of digging two stories below Lot #5’s current grade. I work across Church St. and recall the difficulty the developers of my building had with “the ROCK”. “The ROCK” underneath Chapel Hill’s Downtown has been the bane of many a stalwart developer. UNC has spent millions over the last few years tussling with “the ROCK”.
An incidental consequence of the technician’s drilling cores during this current environmental assay is a better understanding of the parking lot’s underlying geology. The optimism the Town showed – expecting to escape the vicissitudes of other Downtown developers – needs to be tempered by the measured reality of the last few days. It appears, again pending a final report, that “the ROCK” on the Franklin St. side of the lot is roughly 10′ below current grade tapering to 20′ on the Rosemary side.
If you live near Downtown, I suggest an early run to the store for ear plugs before blasting begins 😉
