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TLC intends to assign the purchase contracts involving two adjacent parcels to Orange <br />County. The two parcels will be recombined into one larger parcel of approximately 25 acres <br />in size. Orange County would acquire that land at a purchase price of $130,000, and then <br />grant a conservation easement to the State of North Carolina. The easement would allow <br />future construction of a public pedestrian trail along the creek. <br />A closing on the property is expected by the end of December 2006. The granting of a <br />conservation easement is expected to occur by the end of January 2007. <br />FINANCIAL IMPACT: The purchase price for the 25 +/- acres is $130,000. Funding for this <br />acquisition would come from Orange County open space bond funds. The County would <br />then be reimbursed the entire $130,000 by granting (i.e., "selling") a conservation easement <br />on the property to the State of North Carolina. Funding from the State would come from the <br />NC Ecosystem Enhancement Program (EEP). The net cost to Orange County would be <br />an estimated $3,000 - $5,000 for transaction costs, which would be paid from County's <br />2001 Parks and Open Space bond (Lands Legacy), which totaled $7.0 million. A total of $3.5 <br />million has been appropriated from this amount, with $2.2 million spent to date. <br />RECOMMENDATIONS: The Manager recommends that the Board authorize: <br />a) the acceptance of the two purchase contract assignments from the Triangle Land <br />Conservancy; and <br />b) the purchase of approximately 25 acres of land located along New Hope Creek from <br />the. Trinity School of Durham and Chapel Hill; and <br />c) the County Attorney and staffs from ERCD and Finance to schedule and complete a <br />closing on the property expected to occur on or before December 31, 2006; and <br />d) the granting of a conservation easement to the State of North Carolina on or before <br />January 31, 2007; and <br />e) the Chair and Clerk to sign the conservation easement, subject to final review by staff <br />and County Attorney. <br />