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

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Orange County's financial contributions shall be off-set by grant funds as set forth in paragraph 4 below. 4. Private Contributions and Grant Funds. A. Private Contributions. 1. The Erwin Area Neighborhood Group ("EANG"), anon-partisan community action group of persons from more than 40 neighborhoods, has contributed $200,000 towards the purchase price of the Property. The parties acknowledge and agree that the $200,000 contributed by EANG shall be distributed solely to Durham County to further off-set Durham County's financial contribution. 2. TLC has also promised to contribute $25,000 to Durham County towards the acquisition of the Property on or before July 30, 2006. The parties acknowledge and agree that the funds collected by TLC shall be distributed solely to Durham County to further off-set Durham County's financial contribution. B. Open Space Grants. Durham County applied for, with the aid of the other parties, a Clean Water Management Trust Fund Grant ("Grant Funds") to off-set the financial contributions made by the governing bodies towards the acquisition of the Property. Notification of an award in the amount of $1,112,000 was received by Durham County from CWMTF by letter dated November 30, 2005; however, Grant Funds are not obligated until a Grant Agreement is executed between Durham County and CWMTF. The Grant Funds are. conditioned upon the donation of additional conservation easements on Penny lands as further discussed in 6.A below. The parties agree to the following distribution of Grant Funds to off-set each party's financial contributions towards the acquisition: The first $500,000 shall be used to off-set Durham County's contribution to the purchase of the Property. The remaining $500,000 of Grant Funds to be received for the purchase of the Property shall be used to off-set the agreed-upon financial contributions of all four participating governments on a pro-rata basis based on the total amount of the un-reimbursed contribution by each governmental unit, thus, each governing unit's total financial contribution will be reduced to the following amounts: • Durham County - 52.5% contribution equals $151,643 • City ofDurham - 9.5% contribution equals $27,471 • Chapel Hill -12.7% contribution equals $36,629 • Orange County - 25.3% contribution equals $73,257 The remaining $112,000 shall be utilized solely to reimburse Orange County for expenses related to the acquisition of the Penny Tract, as described further in 6C, below. TLC has also sought other sources of funding for this Tract and in the event other sources are used, the $112,000, or any part thereof, may not be necessary and shall not be 4of11