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2 <br /> DEAPR Staff and the County Attorney have worked with the Eno River Association and the <br /> landowners to prepare an agreement that meets their needs and the County's interests. <br /> There are no structures on the 30-acre property, but the easement will allow the construction <br /> of a cabin in a designated upland portion of the property. All other development rights will be <br /> extinguished through the conservation easement. DEAPR and Eno River Association staff <br /> will monitor the property on an annual basis. A copy of the draft easement agreement is <br /> attached along with maps showing the property outlined in red. <br /> The planned conservation easement would be held jointly by Orange County and the Eno <br /> River Association. The Eno River Association secured matching funds for this project from <br /> the City of Raleigh's Watershed Protection Program (Upper Neuse Clean Water Initiative). <br /> FINANCIAL IMPACT: The easement purchase price is $71,250, which is 75 percent of the <br /> easement value ($95,000) as determined by an appraisal by Kirkland and Associates. The <br /> landowners will donate 25 percent of the easement value ($23,750), meaning they will forgo <br /> that amount and, instead, will be eligible for federal income tax benefits. <br /> DEAPR worked with the Eno River Association to identify the following funding sources: <br /> Orange County (Lands Legacy) $ 34,125 (36%) <br /> City of Raleigh (Upper Neuse Clean Water Initiative) 37,125 (39%) <br /> Landowner donation 23,750 (25%) <br /> $ 95,000 <br /> Funds for the easement purchase would come from Orange County ($34,125 purchase price <br /> plus $8,500 for boundary survey and closing costs) and the City of Raleigh's Watershed <br /> Protection Program ($37,125 purchase price plus $16,280 for easement stewardship costs). <br /> The County's share of funds ($42,625) would come from existing funds budgeted and <br /> approved for the Lands Legacy program (Land Legacy Fund). <br /> The Gledhill's property is enrolled in the Present Use Value taxation program, so the <br /> conservation easement would not lessen the amount of property taxes paid to the County. <br /> The decrease in the property's market value caused by the conservation easement (and <br /> extinguishing of portion of its development rights) would not lower the property value to a <br /> level that is less than the current present use value. <br /> The owners intend to take advantage of enhanced federal income tax deduction for <br /> easement donations, which the US Congress made permanent in 2015. <br /> With this allocation, approximately $3.0 million remains available in the Lands Legacy Capital <br /> Project. This Budget Amendment #9-A provides for the use of the above mentioned funds, <br /> and amends the following Capital Project Ordinances: <br />