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7 <br />asset, the property was partitioned at the time the County took over solid waste <br />management into a 60 -acre parcel deeded to Orange County, and a 105 -acre parcel <br />that has been purchased from the Solid Waste Enterprise Fund by the towns of Chapel <br />Hill and Carrboro and Orange County. <br />A question was raised at the public hearing on whether the 60 -acre portion owned by <br />Orange County should be designated parks or public open space, and so reflected in <br />the master plan. The County's only official statement on the future use of the 60 acres <br />was a 2000 letter from the Chair of the Board of Commissioners to the mayors of <br />Chapel Hill and Carrboro indicating an expectation that the land would be kept as open <br />space. A Greene Tract Master Planning effort took place in 2002 for the 105 -acre jointly <br />owned portion. <br />Staff has not listed the 60 -acre County parcel as open space since it is still officially a <br />Solid Waste asset, requiring "purchase" from the Solid Waste Enterprise Fund based on <br />a formula in the Solid Waste interlocal agreement using purchase price and interest <br />(over almost 30 years). As was done by the three jurisdictions for the 105 -acre portion, <br />the County would have to buy back the 60 -acre portion. The estimated cost for this <br />purchase as of October 1, 2014 is $752,107. Buy -back could be funded over multiple <br />fiscal years if desired (as was done for the 105 -acre portion by the three jurisdictions). <br />