Orange County NC Website
Browse       Search
$500,000, pursuant to the terms and conditions of the Contract to Purchase, which was <br />paid to Duke on or about July 15, 2005; and <br />$1,000,000 paid to Duke, pursuant to the terms and conditions of the Contract to <br />Purchase, on or before April 8, 2008, plus closing costs. <br />Durham County's financial contributions shall be off-set by grant funds and other <br />contributions as set forth in paragraph 4 below. <br />B. The City of Durham's Contribution. The City of Durham agrees to provide the <br />following financial contribution to Durham County towards the Acquisition: <br />$75,000 paid to Durham County in three payments. It is hereby acknowledged that the <br />County of Durham has received a payment in the amount of $35,000 from the City of <br />Durham towards the City's total contribution for the acquisition, and that the City has a <br />remaining contribution amount of $40,000 as of the date of this Agreement. This <br />remaining contribution amount shall be paid, if still owed, after the County has received <br />the grant funds described in paragraph 4 below. <br />The City of Durham's financial contributions shall be off-set by grant funds as set forth <br />in paragraph 4 below and reimbursement shall be made to the City if grant funds exceed <br />the amount the City owes, as further set forth in Paragraph 4 below. <br />C. Chapel Hill's Contribution. Chapel Hill agrees to provide the following financial <br />contribution to Durham County towards the Acquisition: <br />$100,000 paid to Durham County in three equal payments of $33,333.33. It is hereby <br />acknowledged that the County of Durham has received a payment in the amount of <br />$33,333.33 from Chapel Hill towards the Town's total contribution for the acquisition, <br />and that Chapel Hill has a remaining contribution amount of $66,666.66 as of the date of <br />this Agreement of which $33,333.33 shall be paid before August 1, 2006 and $33,333.33 <br />before August 1, 2007. <br />Chapel Hill's financial contributions shall be off-set by grant funds as set forth in <br />paragraph 4 below. <br />D. Orange County's Contribution. Orange County agrees to provide the following <br />financial contribution to Durham County towards the Acquisition: <br />$200,000 paid to Durham County in three equal payments of $66,666.66. It is hereby <br />acknowledged that the County of Durham has received a payment in the amount of <br />$66,666.66 from Orange County towards their total contribution for the acquisition. The <br />remaining $133,333.33 shall be paid in payments of $66,666.66 on or before each August <br />1~ thereafter with the last payment being made on or before August 1, 2007. <br />3of11 <br />