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<br />i <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 30, 1999 <br />Action Agenda <br />Item No. g <br />SUBJECT: Approval of Option Contract for Land Purchase <br />DEPARTMENT: County Attorney, ERCD PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Letter from Attorney <br />Contract <br />INFORMATION CONTACT: <br />Geof Gledhill, 732-2196 <br />David Stancil, ext 2590 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider approving a contract for an option to purchase land from Duke <br />University. <br />BACKGROUND: An option contract has been negotiated with Duke University for the purchase <br />of land in Orange County. There are a few changes to the contract from the previous version. <br />These changes are summarized in the attached letter from the County Attorney. <br />An application to the Clean Water Management Trust Fund has been submitted for funding <br />assistance for this project. Further research on the site will be performed during the option <br />period, which concludes no later than January 15, 2000. This property, if purchased, would be <br />used to protect water quality in the adjacent Corporation Lake water supply, consistent with <br />County goals for watershed protection and rural character preservation. <br />FINANCIAL IMPACT: If pursued, the County will forward the amount of the option to Duke. If <br />the County exercises its option to purchase, the exact financial impact on the County will <br />depend on the level of funding from the grant application. A 32% cash match has been offered <br />with the grant application. <br />RECOMMENDATION(S): The Manager recommends .that the Board approve the contract and <br />authorize payment of the option amount to Duke. <br />