Participation

participationCorporations 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.  All lots in the Greek Village are spoken for at this time.

Corporations must complete all items on the Greek Village Participation Checklist (pdf) within 90 days of submitting a Letter of Commitment (pdf) and earnest money.

Corporations will share the cost of general infrastructure (roads, sidewalks, utilities) with the University.   Additionally, Corporations fund the construction of parking associated with the project (consistent with all university projects) according to the following schedule:

Infrastructure Parking
Option A
100% Up Front
Option B
50% Up Front,
50% Over 10 Years
Option A
100% Up Front
Option B
50% Up Front,
50% Over 10 Years
Phase 1 $315,000 $360,000 $120,000 $136,000
Phase 2 $350,000 $400,000 $120,000

$136,000

Phase 3 $385,000 $440,000 $135,000 $155,000
Phase 4* $420,000 $480,000 $150,000 $172,000
Phase 5* $455,000 $520,000 $165,000 $190,000

 

With either option, Corporations must pay the upfront portion of their general and parking infrastructure assessments on or before the commencement date of their ground lease.  *Costs for Phase 4 and Phase 5 are estimated, and will continue to be evaluated according to escalation over the time of the project.

Corporations will have 18 months from the commencement date of the lease to begin 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.