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<br />2. Lands Legacy Capital Project Ordinance
<br />At its May 1, 2001 meeting, the Board of County Commissioners approved the purchase of
<br />two pieces of property located on Eubanks Road in Chapel Hill. The total cost of the
<br />properties is $4,615,000 including estimated closing costs. Various funding sources will
<br />fund the purchases.
<br />The amount of funds remaining in the School /Park Reserve Fund following this purchase is
<br />$1,128,000. The Lands Legacy Capital Project Ordinance (Attachment 3) reflects the land
<br />purchases. Column #2 of Attachment 1 of this abstract reflects the budget amendment that
<br />transfers the funds from the School /Park Reserve to the Lands Legacy Capital Project
<br />Ordinance.
<br />3. Non - Departmental
<br />• This budget amendment appropriates fund balance for work that the Board has
<br />authorized for legal, technical and scientific work related to the County's intervention in
<br />the proposed Carolina Power & Light (CP &L) nuclear fuel rod storage expansion. An
<br />appropriation of $164,000 is required to cover the costs associated with this action. (See
<br />column #3, Attachment 1)
<br />• At the May 1, 2001 Board meeting, Habitat for Humanity requested that the
<br />Commissioners assist the agency in meeting the County's subdivision requirements as
<br />they relate to,Phase I of the proposed. Richmond Hills subdivision. This subdivision will
<br />provide affordable housing in Efland. Most of the subdivision requirements require
<br />particular written agreements between parties and recording of deeds and plats and do
<br />not involve financial obligations on the part of Habitat. There is one component of the
<br />regulations that requires requesting agencies to post security related to construction of
<br />certain infrastructure such as water and sewer systems, storm drainage, site preparation,
<br />etc. This amount is based on a certain percentage of estimated construction costs. For
<br />Habitat, this amount equates to approximately $500,000. In order to move the affordable
<br />housing project along, the Board agreed to assist the agency in meeting the
<br />requirements. The Board further agreed that under no circumstances will Habitat be
<br />allowed to expend the money appropriated. Orange County alone will direct
<br />expenditures, if any, from this appropriation. This budget. amendment appropriates
<br />$500,000 of County fund balance to provide the financial backing requirement. (See
<br />column #4, Attachment 1)
<br />FINANCIAL IMPACT: Financial impacts are included in the background information above.
<br />Bolin Creek
<br />Hunter
<br />(Cate)
<br />Funding Source
<br />Property
<br />Property
<br />Total
<br />School /Park Reserve
<br />Fund
<br />$1,065,000
<br />- $800,000
<br />$1,865,000
<br />1997 Bond Funds
<br />$0
<br />$2,700,000
<br />$2,700,000
<br />Subdivision Payment -in-
<br />Lieu
<br />$0
<br />$50,0001
<br />$50,000
<br />Total Cost
<br />$1,065,000
<br />$3,550,0001
<br />$4,615,000
<br />The amount of funds remaining in the School /Park Reserve Fund following this purchase is
<br />$1,128,000. The Lands Legacy Capital Project Ordinance (Attachment 3) reflects the land
<br />purchases. Column #2 of Attachment 1 of this abstract reflects the budget amendment that
<br />transfers the funds from the School /Park Reserve to the Lands Legacy Capital Project
<br />Ordinance.
<br />3. Non - Departmental
<br />• This budget amendment appropriates fund balance for work that the Board has
<br />authorized for legal, technical and scientific work related to the County's intervention in
<br />the proposed Carolina Power & Light (CP &L) nuclear fuel rod storage expansion. An
<br />appropriation of $164,000 is required to cover the costs associated with this action. (See
<br />column #3, Attachment 1)
<br />• At the May 1, 2001 Board meeting, Habitat for Humanity requested that the
<br />Commissioners assist the agency in meeting the County's subdivision requirements as
<br />they relate to,Phase I of the proposed. Richmond Hills subdivision. This subdivision will
<br />provide affordable housing in Efland. Most of the subdivision requirements require
<br />particular written agreements between parties and recording of deeds and plats and do
<br />not involve financial obligations on the part of Habitat. There is one component of the
<br />regulations that requires requesting agencies to post security related to construction of
<br />certain infrastructure such as water and sewer systems, storm drainage, site preparation,
<br />etc. This amount is based on a certain percentage of estimated construction costs. For
<br />Habitat, this amount equates to approximately $500,000. In order to move the affordable
<br />housing project along, the Board agreed to assist the agency in meeting the
<br />requirements. The Board further agreed that under no circumstances will Habitat be
<br />allowed to expend the money appropriated. Orange County alone will direct
<br />expenditures, if any, from this appropriation. This budget. amendment appropriates
<br />$500,000 of County fund balance to provide the financial backing requirement. (See
<br />column #4, Attachment 1)
<br />FINANCIAL IMPACT: Financial impacts are included in the background information above.
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