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2 <br />The terms of the settlement are that Orange County will pay $1,000,000 and transfer clear fee <br />simple title to the properties at 112 and 118 North Churton Street to Eno River and, in <br />exchange, Eno River will transfer clear fee simple title to the Parking Deck to Orange County. <br />The County will appropriate $1,000,000 from the General Fund's fund balance to make the <br />cash payment for the parking deck. <br />FINANCIAL IMPACT: The County will pay $1,000,000 from the General Fund's fund balance <br />plus the value of the buildings at 112 and 118 North Churton Street, which are assessed at a <br />combined value of $580,000. Indirect costs include the future maintenance costs of the parking <br />deck estimated to be approximately $25,000 annually. This annual maintenance cost is <br />approximately the same cost the County currently pays for maintenance. Additional costs <br />include approximately $5,000 in real estate closing costs. <br />RECOMMENDATION(S): The Manager recommends the Board: <br />1) Approve the settlement with Eno River Parking Deck, LLC, by approving and <br />authorizing the Chair to sign the resolution authorizing the exchange of properties; <br />2) Approve Budget Amendment #9 -B for the appropriation of $1,000,000 from the <br />General Fund's fund balance for the cash payment; and <br />3) Authorize the County Manager and Chair to execute all necessary documents to <br />effectuate the settlement and property exchange. <br />