NOTICE OF INTENT TO LEASE 326 CHAPANOKE ROAD FOR AFFORDABLE RENTAL HOUSING Pursuant to G.S. 160A-278, the Wake County Board of Commissioners intends to consider adopting a resolution at its regular meeting on May 18, 2026, or at such later meeting, authorizing two leases of approximately 5.50 acres of land located at 326 Chapanoke Road, Raleigh, NC. The first lease is to Chapanoke JV LLC, or an affiliated entity, for a proposed 200-unit affordable rental development that will benefit low- and moderate-income households for a term of up to 99 years at a rent of $100.00 per year. The second lease is to Chapanoke JV LLC, or its affiliated entity's senior mortgagee, together with the senior mortgagee's successors or assigns to satisfy Chapanoke JV LLC's lender requirements. The second lease, if required due to a termination of the first lease, shall be for a term commencing on or around the termination of the first lease and last for the remainder of the 99-year lease term on the same terms and conditions of the first lease, including the $100.00 per year consideration. Description of property to be leased: 326 Chapanoke Road, Raleigh, NC (a portion of PIN: 1702432102), comprising approximately 5.50 acres. Value of the property: Estimated at $5,400,000.00 If you have questions, please contact housing.info@wake.gov. IPL0331418 May 3 2026