Orange County NC Website
,+t <br />2 <br />LAW OFETCES <br />COLEMAN, GLEDHILL & HARGRAVE <br />A PROFESSIONAL CORPORATION <br />129 E. TRYON STREET <br />P. O. DRAWER 1529 <br />HILLSBOROUGH, NORTH CAROLINA 27278 <br />919-732-2196 - <br />FAX 919.732.799? <br />June 22, 1999 <br />Alice M. Gordon, Chair <br />Margaret W. Brown <br />Moses Carey, Jr. <br />Stephen Halkiotis <br />Barry Jacobs <br />Orange County Board <br />Post Office Box 8181 <br />Hillsborough, North <br />of Commissioners <br />Carolina 27278 <br />FROM THE DESK OF <br />GEOFFREY E. GLEDHILL <br />RE: Option to Purchase Contract - Duke University Property <br />on US Highway 70 West of Hillsborough <br />Dear Board Members: <br />Enclosed is a copy of an Option to Purchase Agreement, the <br />terms of which have been approved by Duke University. The <br />material terms of this contract include: <br />1. The purchase price of the Option Agreement is $100. If <br />the County exercises the option, the option purchase price will <br />be applied to the land purchase price. <br />2. The purchase price for the approximately 62.6 acres of <br />land is $280,000. <br />3. The County will be required to exercise the option to <br />purchase the later of 20 days after its receipt of notification <br />from the Clean Water Management Trust Fund concerning its <br />application for funds to purchase this property or 20 days after <br />its receipt of the results of the Eno River Association Upper <br />Eno Watershed Study. At the latest, the County must exercise the <br />option no later than January 15, 2000. <br />4. The County will have a choice as to how to pay for the <br />property. It can do so by payment in full and in cash at the <br />closing. It can also purchase the property by paying the <br />purchase price in installments as follows: payment of the <br />greater of $50,000 or the amount of a Clean Water Management <br />Trust Fund grant at closing and payment thereafter of the <br />balance of the purchase price in two equal annual installments. <br />If the purchase is done by installment, the interest on the <br />unpaid principal will be 5~. <br />i <br />