Orange County NC Website
oRD- a~IO- ngl <br />ORANGE COUNTY <br />BOARD OF COUNTY COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 2, 2010 <br />Action Agenda <br />Item No. ~- - q <br />SUBJECT: Transaction Costs and Budget Amendment #2-C for Underwood Conservation <br />Easement Donation <br />DEPARTMENT: Environment, Agriculture, Parks PUBLIC HEARING: (Y/N) No <br />and Recreation <br />ATTACHMENTS INFORMATION CONTACT: <br />David Stancil, 245-2510 <br />Rich Shaw, 245-2514 <br />John Roberts, 245-2318 <br />PURPOSE: To consider authorizing a $620 increase in County funds used to acquire a <br />permanent conservation easement on the Underwood property. <br />BACKGROUND: In June 2009 the Board authorized Orange County's acceptance of a <br />permanent conservation easement on a portion of the Underwood property in Little River <br />Township. The easement was donated by Ms. Barbara Underwood to protect a natural <br />resource area located immediately upstream from the South Fork Little River. <br />The completion and recording of the conservation easement was delayed until July 2010 due <br />to a title defect that was discovered during the title search process prior to closing. , <br />Considerable time and effort. was needed by the County's closing attorney and the ~~ <br />landowner's attorney to remedy that situation. As a result, the transaction costs for the <br />County's acceptance of the easement was $620 more than the $2,000 authorized by the <br />Board in June 2009. <br />FINANCIAL IMPACT: The County would pay an additional $620 to cover the actual <br />transaction costs needed to acquire the conservation easement. Those funds would come <br />from existing funds budgeted from the $3.0 million in alternative financing (Lands Legacy <br />Conservation Easement Fund) approved by the Board of Commissioners in FY 2002-03 and <br />previously appropriated. The approval of budget amendment # 2-C below will transfer funds <br />necessary to complete the Underwood Easement transaction. <br />