1999 NS Approval of Option Contract for Land Purchase

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2 LAW OFFICES COLEMAN, GLEDHILL & HARGRAVE A PROFESSIONAL CORPORATION 129 E.TRYON STREET P.O.DRAWER 1529 Hn.LSBOROLJOH,NORTH CAROLINA 27278 919-732.2196 FROM THE DESK OF FAX 919.732-7997 GEOFFREY E.GLEDHILL June 22 , 1999 Alice M. Gordon, Chair Margaret W. Brown Moses Carey, Jr. Stephen Halkiotis Barry Jacobs Orange County Board of Commissioners Post Office Box 8181 Hillsborough, North Carolina 27278 RE: Option to Purchase Contract - Duke University Property on US Highway 70 West of Hillsborough Dear Board Members: Enclosed is a copy of an Option to Purchase Agreement, the terms of which have been approved by Duke University. The material terms of this contract include: 1 . The purchase price of the Option Agreement is $100 . If the County exercises the option, the option purchase price will be applied to the land purchase price. 2 . The purchase price for the approximately 62 . 6 acres of land is $280, 000 . 3 . The County will be required to exercise the option to purchase the later of 20 days after its receipt of notification from the Clean Water Management Trust Fund concerning its application for funds to purchase this property or 20 days after its receipt of the results of the Eno River Association Upper Eno Watershed Study. At the latest, the County must exercise the option no later than January 15, 2000 . 4. The County will have a choice as to how to pay for the property. It can do so by payment in full and in cash at the closing. It can also purchase the property by paying the purchase price in installments as follows: payment of the greater of $50, 000 or the amount of a Clean Water Management Trust Fund grant at closing and payment thereafter of the balance of the purchase price in two equal annual installments . If the purchase is done by installment, the interest on the unpaid principal will be 5% .