2006 S ERCD - Interlocal Agreement for Hollow Rock Area of New Hope Preserve

Browse Search

WHEREAS, Durham County, Orange County, the City of Durham, and Chapel Hill have, by resolution, committed to participate in the cost of acquiring the Property in order to assure that the Property is preserved for open space and low-impact recreational public use; and WHEREAS, based on the commitments received by the surrounding jurisdictions and the community contributions, Durham County has entered into a Contract to Purchase to acquire the Property from Duke University and preserve the Property for open space and low-impact recreational use; and WHEREAS, the parties agree that there is a benefit derived from mutual planning for the uses of the Property and the Hollow Rock Access area generally described in component 4 of the New Hope Creek Open Space Master Plan; and WHEREAS, the County of Durham applied for and has been awarded a Clean Water Management Trust Fund Grant in the amount of $1,112,000 dollars towards the acquisition of the Penny Tract and acquisition of the Property which amount shall be distributed among the participating jurisdictions in the manner described herein; and WHEREAS, the parties hereto desire to enter into this Interlocal Cooperation Agreement to set forth their respective participation, obligations and rights related to the acquisition and development of the Property and the surrounding open space areas. NOW, THEREFORE, for and in consideration of their mutual promises, Durham County, Orange County, Chapel Hill and the City of Durham hereby agree as follows: 1. Puruose. The purpose of this Agreement is to set forth the undertakings of the parties hereto with regard to their respective contributions, obligations, and participation in the multi- jurisdictional purchase and operation of the Property as well as to establish a Park Planning Advisory Committee to develop recommendations for an overall plan for the Property and adjoining- properties in the Hollow Rock area, including the obligations of Orange County and Durham County as they relate to the Penny Tract. 2. Contract to Purchase. Durham County has entered into a Contract with Duke to Purchase the Property for $1,500,000. Pursuant to the Contract to Purchase, Durham County is obligated to pay to Duke $500,000 on or before July 15, 2005. The remaining $1,000,000 is due at closing which will be on or before April 8, 2008. The Contract to Purchase is incorporated herein by reference to it. A Memorandum of Contract has been recorded in the Durham County Register of Deeds Office at Book 4781 page 648 and the Orange County Register of Deeds Office at Book 374 page 550. 3. Financial Contributions toward the Acauisition. A. Durham County. Durham County agrees to provide the following financial contribution toward the acquisition of the Property: 2of11