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2 <br />complement assistance from the Orange Soil and Water Conservation District that will <br />restore vegetative stream buffers, fence cattle from all streams, and provide an alternative <br />source of water with separate funding from the NC Conservation Reserve Enhancement <br />Program (CREP), the USDA Farm Services Agency, the Upper Neuse Clean Water Initiative, <br />and the Town of Hillsborough. CREP will require there be a permanent riparian buffer <br />easement held by the State of North Carolina. <br />The two- pronged conservation project will eliminate a considerable source of nutrients from <br />entering Sevenmile Creek and Hillsborough's water supply. It would also restore and protect <br />8,000 linear feet of stream buffers along Sevenmile Creek and Rocky Run. <br />The planned agricultural and watershed protection conservation easement area is depicted <br />on the attached site map. A draft deed of conservation easement is also provided. <br />FINANCIAL IMPACT: The purchase price of the conservation easement is $655,000, which <br />was determined by an appraisal of the fair market value by Kirkland and Associates. DEAPR <br />has worked with the Eno River Association and other project partners to identify the following <br />funding sources: <br />Orange County (Lands Legacy) $ 312,928 <br />Eno River Association (Healthy Forests Grant) 252,843 <br />Upper Neuse Clean Water Initiative (City of Raleigh) 54,000 <br />NC Conservation Reserve Enhancement Program 18,800 <br />Town of Hillsborough 6,157 <br />Landowner donation 10,272 <br />$ 655,000 <br />The total cost of the Brooks conservation easement is approximately $657,000, which <br />includes transaction costs but excludes a $10,272 landowner donation. The County's share <br />of the cost is approximately $325,000 — the $312,928 to purchase the County's easement <br />plus survey and closing costs. County funds would come from existing funds budgeted for the <br />Lands Legacy program and previously appropriated. This project would exhaust the <br />remaining $131,976 allocated for conservation easement purchases. <br />The subject property is enrolled in the Present Use Value taxation program, so the <br />acceptance of the conservation easement would not lessen the amount of property taxes <br />paid to the County. The decrease in the property's market value caused by the conservation <br />easement (and extinguishing of a portion of its development rights) would not lower the <br />property value to a level that is less than present use value ($681,242). <br />Budget Amendment #5 -C provides for the receipt of $331,800 in grant and partner funding, <br />and the use of existing County funds of $324,328 ($190,352 from the Lands Legacy Capital <br />Project for Conservation Easements transferred to the Conservation Easements Capital <br />Project), and $133,976 in available funds within the Conservation Easements Project. See <br />amended Capital Project Ordinances below: <br />