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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: March 21, 2000 <br />Action Agenda <br />Item No. <br />SUBJECT: Consideration of Option to Purchase Land for Proposed Little River Park <br />DEPARTMENT: Environment and Resource PUBLIC HEARING: (Y /N) <br />Conservation <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Letter of Intent (Terms for the Option) Dave Stancil, 245 -2590 <br />Funding Scenario for Land Acquisition Rich Shaw, 245 -2591 <br />Map of Proposed Little River Park Geof Gledhill, 732 -2196 <br />TELEPHONE NUMBERS: <br />Hillsborough <br />732 -8181 <br />Chapel Hill <br />968 -4501 <br />Durham <br />688 -7331 <br />Mebane <br />336- 227 -2031 <br />PURPOSE: To authorize the execution of an option agreement to secure Orange County the <br />opportunity (through May 31, 2000) to purchase 135 acres for a proposed 390 -acre <br />Orange /Durham County regional park and natural area. <br />BACKGROUND: Orange County (in partnership with Durham County, the Triangle Land <br />Conservancy and the Eno River Association), is considering the purchase of land in Little River <br />Township for a proposed Little River Regional Park and Natural Area. The 390 -acre property is <br />owned by the Triangle Community Foundation and straddles the county line, with 135 acres in <br />Orange and 255 acres in Durham. The proposed park will preserve areas along the North Fork <br />of the Little River, and feature low- impact recreation areas. The property would be managed <br />jointly by Orange and Durham counties. <br />The proposed option agreement (attached) appears consistent with the County's interest in this <br />joint purchase. It gives Orange County the right to purchase its 135 -acre portion through May <br />31, 2000, by which time the County must commit to a binding purchase agreement or lose its <br />share ($9,000) of the $30,000 option price. Results of a grant application to the Clean Water <br />Management Trust Fund are expected no later than May 25. <br />The proposed option agreement stipulates that if the parties enter into a purchase agreement <br />(before May 31, 2000), the purchase price for the entire property would be $1,014,000 (or <br />$2,600 /acre). Including estimated closing costs, the Orange County portion would cost <br />$367,150. It is expected that grant funds from the Clean Water Management Trust Fund and /or <br />the Parks and Recreation Trust Fund, along with the TLC /ERA fundraising campaign, will <br />reduce the cost to the County. <br />