Agenda - 03-23-2000 - 3 - Laserfiche WebLink

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Mr. Wendell Davis Deputy County Manager Durham County 200 East Main St. Durham, North Carolina 27701 Mr. David Stancil Orange County Planning Department P.O. Box 818I Hillsborough, North Carolina 27278 Ms. Portia McKnight Wayne E. Cash, President c/o Kate Dixon Eno River Association Triangle Land Conservancy 4419 Guess Road 11011 -A Wake Forest Road Durham, North Carolina 277I2 Raleigh, North Carolina 27604 Re: Triangle Community Foundation Property Dear Sirs and Madame: On behalf of The Triangle Community Foundation, thank you for your letter dated February 10, 2000 and your joint counter proposal for our consideration. After further discussion among the parties, we believe that the provisions set forth below in this Letter of Intent fairly represent the intent of the parties. We offer them for your consideration and ask that, if this Letter of Intent meets with your approval, that you sign this letter where indicated and return it to me_ a) Durham and Orange Counties would each be granted a three month option to purchase the property (through May 31, 2000) for a combined non - refundable, except as otherwise required herein, price of $30,000.00 payable to the Foundation. The option payment would be made within two weeks of our reaching an agreement on the terms of this proposal, and would be applied to the purchase price of the property, if timely closed. b) Durham and Orange would each have until May 31, 2000 to exercise the option to . purchase and enter into a binding Purchase Agreement for its respective portion of the 390 -acre Newton tract. The purchase price is $2,500.00 per acre. Durham County and Orange County will each execute its own option to purchase and binding purchase agreement relating to the property located in its jurisdiction. Title to the property located in Durham County will be conveyed to Durham County, while title to the Orange County Property will be conveyed to Change County. C) Upon exercising the option and entering into the binding Purchase Agreement (on or before May 31, 2000), Orange County reserves the right to reduce the total acreage to be acquired from approximately 135 acres to no fewer than 109 acres. A sketch of the proposed 26 acres which might be removed from the purchase is shown in Exhibit A (attached). Orange County upon the exercise of the option will purchase the property with a closing and final payment on or before October 31, 2000. d) Durham County upon the exercise of the option will purchase 170 acres of the property