Agenda - 04-18-1989 - Laserfiche WebLink

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6 Park. This 200'wide corridor could consist of approximately 70 to 140 acres depending on which route is selected. A total of approximately 640 acres would be acquired. ACQUISMON: Cost Estimates The cost of land for this project is extremely difficult to estimate. An appraiser was consulted and it was suggested that making a reasonable estimate would be quite time consuming since the area is large and types of land values quite diverse. This appraiser suggested that even an investment of several hundred dollars in a reasonable estimate would not necessarily be accurate, and the money spent on appraisals would be better spent on the land itsetf. To illustrate what the costs might be, at$5000 per acre,the cost of 640 acres would be$32 million dollars,to be shared by the four jurisdictions, Durham County and City,Chapel Hill,and Orange County. It is possible that floodplain land could be purchased for much less than $5000 per acre, and that some of the land would cost more. Acquisition Mechanisms 1. Conservation Easements A conservation easement could be obtained from the owner with conditions providing for public access and preservation of the natural vegetation. One factor that increases the value of floodplain land is the density credit allowed for property zoned for PDR, PUD, or multi-family residential. This problem could be overcome by the owner selling or donating a conservation easement which allows the owner to retain title to the property and thereby have the original allowable density. a Donations - The local governments could work to create a highly positive public acceptance for the project so that land owners will be inclined to participate by donating land or easements, and thereby receive the tax benefits of donating to tax-exempt organizations. 3. Bargain Sales Land owners could sell at a reduced price if they wish to obtain some remuneration for the land and at the same time receive tax benefits. The advantage of this option is that the expenditure of public funds for the land is reduced and at the same time the land owner receives some remuneration as well as tax benefits. The land owner can probably claim as a tax deduction the difference between the appraised market-value price and the reduced price for which he sold the property. 4. Public Funds Each local government whose citizens will have reasonable access to the recreational and •environmental benefits provided by the project,could allocate public funds or hold a referendum on issuing bonds to raise funds. 5. Private Conservation Efforts Local conservation groups such as the Triangle Land Conservancy, may wish to contribute to the project by helping to raise funds or purchasing a portion of the land.