Agenda - 12-17-1996 - 9c - Laserfiche WebLink

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LAW OFFICES 7 COLEMAN, GLEDHILL & HARGRAVE A PROFESSIONAL CORPORATION 129 E.TRYON STREET P.O.DRAWER 1529 HILLSBOROUGH,NORTH CAROLINA 27278 919-732.2196 FROM THE DESK OF FAX 919-732-7997 GEOFFREY E.GLEDHILL December 12, 1996 Bill Crowther, Chair Margaret Brown Moses Carey, Jr. Alice Gordon Stephen Halkiotis Orange County Board of Commissioners Post Office Box 8181 Hillsborough, North Carolina 27278 RE: University Manor Subdivision Conservation Easement Dear Board Members : Most of the points concerning the University Manor Conservation Easement raised by the Board during the December 2, 1996 Board meeting are covered in the abstract for this matter along with a revised Conservation Easement for your consideration on December 17 . During the December 2, 1996 meeting, one or more Board members was interested in the County having the ability to transfer the Conservation Easement to the University Manor Homeowners Association. The discussion about that centered on tax issues . The agenda abstract material addresses the tax issues . My point in writing is to raise a different concern. If the Homeowners Association becomes the owner of the Conservation Easement while it also owns the underlying fee simple interest in the protected property, the two legal interests in the land will "merge" and the Conservation Easement will likely be extinguished at the time of the "merger. " This will defeat the intent of everyone to protect these wetlands and conservation area. As a practical matter, only nonprofit corporations and units of local government that will qualify under the tax laws to hold conservation easements are going to be interested enough in conserving this area to accept the conservation easement. Therefore, I think it is reasonable and practical to limit the