ORD-2010-081 Transaction Costs & Budget Amendment #2-C for Underwood Conservation Easement

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oR [) - 1 0 - 081 ORANGE COUNTY BOARD OF COUNTY COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 2, 2010 Action Agenda Item No. 4 SUBJECT: Transaction Costs and Budget Amendment #2-C for Underwood Conservation Easement Donation DEPARTMENT: Environment, Agriculture, Parks PUBLIC HEARING: (YIN) No and Recreation ATTACHMENTS INFORMATION CONTACT: David Stancil, 245--2510 Rich Shaw, 245-2514 John Roberts, 245-2318 PURPOSE: To consider authorizing a $020 increase in County funds used to acquire a permanent conservation easement on the Underwood property. BACKGROUND: In June 2000 the Board authorized Orange County's acceptance of a permanent conservation easement on a portion of the Underwood property in Little River Township. The easement was donated by Ms. Barbara Underwood to protect a natural resource area located immediately upstream from the South Fork Little River. The completion and recording of the conservation easement was delayed until July 2010 due to a title defect that was discovered during the title search process prior to closing. :. Considerable time and effort. was needed by the County's closing attorney and- the,., landowner's attorney to remedy that situation. As a result, the transaction oosts for the County's acceptance of the easement was $520 more than the $2,000 authorized by the Board in June 2009. FINANCIAL IMPACT: The County would pay an additional $020 to cover the actual transaction costs needed to acquire the conservation easement. Those funds would come from existing funds budgeted from the $3.0 million in alternative financing (Lands Legacy Conservation Easement Fund) approved by the Board of Commissioners in FY 2002-03 and previously appropriated. The approval of budget amendment # 2-C below will transfer funds necessary to complete the Underwood Easement transaction.