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2 <br /> Collins Creek corridor in their natural condition. All future development rights will be <br /> extinguished. DEAPR staff will monitor the property on an annual basis. A copy of the draft <br /> easement is attached. <br /> FINANCIAL IMPACT: The landowners, Michael Hughes and Dale Morgan, intend to donate the <br /> conservation easement to Orange County and pursue state and federal tax benefits available for <br /> such easement donations. The cost to the County would be approximately $6,000 in <br /> transaction costs, including the appraisal, easement survey, title search and closing fees. <br /> Those funds would come from existing funds budgeted in the Lands Legacy Capital Project. <br /> The owners intend to take advantage of the NC Conservation Tax Credit program — available for <br /> easement donations — before the program expires December 31, 2013. The owners will also <br /> qualify for enhanced federal tax incentives for easement donations, which are also due to expire <br /> at the end of 2013. <br /> RECOMMENDATION: The Manager recommends the Board adopt and authorize the Chair to <br /> sign the resolution approving the acceptance by Orange County of the conservation easement <br /> and authorize the Chair and the Clerk to sign the conservation easement agreement, subject to <br /> final review by staff and County Attorney, with a closing and recordation of the document <br /> expected to occur on or about December 31, 2013. <br />