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5 <br /> 2 <br /> Discussion <br /> On December 28 , 1994, the Town Attorney prepared a conditional <br /> offer of $7, 000 per acre to the attorney representing the Ben <br /> Neville heirs . On February 1, 1995, the Neville attorney notified <br /> us of their acceptance of our conditional $7, 000 per acre offer, <br /> with the exact amount to be determined based on a survey. (If the <br /> survey indicates 14 .40 acres,.. the total price would be $100 , 800 . ) <br /> The purchasers would pay the costs of the survey, appraisals, and <br /> all other closing costs with the exception of the sellers attorney <br /> fees related to the closing. <br /> Our conditional offer was in part based upon three prior <br /> appraisals : <br /> Prepared for Town of Chapel Hill 1991 Est . $5, 200/acre <br /> Prepared for Neville Heirs 1994 Est. $6,000-$7,000/acre <br /> Prepared for Town of Chapel Hill 1994 Est . $5, 555/acre <br /> Note : Land Reserve balance as of June 30, 1995 is $670, 000 . <br /> We suggest the following process for proceeding to complete the <br /> purchase : <br /> - That resolutions be presented to the Carrboro Board of <br /> Alderman, Chapel Hill Town Council and Orange County Board of <br /> Commissioners requesting authorization for the Town of Chapel <br /> Hill to purchase the Neville Tract, designating ownership in <br /> proportion equal to that of the current landfill (Carrboro = <br /> 14%, Chapel Hill = 43% and Orange County = 43%) , with the <br /> price of $7, 000/acre to be paid from the Land Reserve of the <br /> Landfill Fund. <br /> - Conduct a survey of the property and close the sale . <br /> Recommendation: That the Landfill owners' Group recommend to their <br /> respective boards that they adopt the attached resolution <br /> requesting that the Carrboro Board of Alderman, Chapel Hill Town <br /> Council and the Orange County Board of Commissioners adopt <br /> resolutions authorizing the Town of Chapel Hill to utilize land <br /> reserve funds to purchase the 14 .40 acre Neville Tract . <br /> Attachments : Resolution <br /> November 17, 1994 LOG Memorandum with attachments <br /> i <br />