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2 <br />FINANCIAL IMPACT: The PARTF grant would provide $500,000 state funds, which <br />would need to be matched by at least $859,000 from the 2001 Open Space and Park <br />Bond. The bond allocated $1.2 million for this new park, which may be augmented by <br />$148,000 in payment-in-lieu funds. The grant contract would require that Orange County <br />spend its own funds first toward completing the project, and then be reimbursed for the <br />state's share of the eligible construction costs (a maximum of $500,000). <br />A Capital Project Ordinance will be provided to the Board for consideration at a future <br />meeting. <br />RECOMMENDATION: The Manager recommends that the Board authorize the Chair to <br />sign the contract between Orange County and the NC Department of Environment and <br />Natural Resources for the receipt of $500,000 in state funds for construction of Northern <br />Park (also known as Cedar Grove Park). The terms of the final agreement are subject to <br />final review by the County Attorney and staff. <br />