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2 <br />of $50,000. TLC as a non - profit entity does not qualify for use value taxation, and it is this <br />amount that has been requested from the Lands Legacy Program by the TLC President. <br />The County did consider participating in the purchase of the Brumley Forest property in 2008, <br />but opted against becoming a funding partner due to the cost of the proposed purchase. The <br />Board at that time did indicate a willingness to consider funding assistance in some smaller <br />capacity if the land were acquired. <br />A map showing the potential conservation values of the property is attached, and <br />representatives of TLC will be present to discuss their plans for the Brumley Forest property. If <br />interested, the Board may wish to discuss a financial interest in the property in exchange for the <br />funding, consistent with past practice. <br />FINANCIAL IMPACT: Triangle Land Conservancy is asking for a "grant" of $50,000 from the <br />Lands Legacy Program to help offset the cost of property taxes and use value rollback taxes <br />(three years, prorated). The Lands Legacy Fund has an unencumbered available balance of <br />$270,568 at present, with an additional $370,765 available and unencumbered from the Lands <br />Legacy Opportunities Fund (pay -as- you -go funds from 2000 - 2006). Another option could be <br />Payment -in -Lieu funds (pending review by the County Attorney), if the site will provide public <br />access for recreation and open space. The site falls within the Chapel Hill Township District for <br />payment -in -lieu funds, which has a balance of $73,184. The Conservation Easement Fund <br />(unencumbered balance $287,897) would not be available for this project unless the Board <br />wishes to try and purchase a conservation easement of part of the property. <br />Purchase of an easement would be an option for all of the potential funding sources (if public <br />access if allowed). This would allow the County to hold a financial interest in the property, and <br />may be a condition of funding the Board may wish to consider. <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the request from <br />TLC, receive additional information if desired, and provide direction to the Manager and staff. <br />