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funding from Orange County. Immediately following the TLC closing on the Penny property, <br />the entire 22.27 acres would be conveyed to Orange County. A letter of intent from the TLC <br />Board of Directors is attached, <br />FINANCIAL IMPACT: The total purchase price for the 22,37-acre Penny tract is $123,035 <br />(or $5,500 per acre). The NC Ecosystem Enhancement Program (EEP) will pay $110,825 for <br />the 20.15 acres of the 22.37-acre tract located within 300-feet-wide stream buffers on the <br />east side of New Hope Creek and on both sides of an unnamed tributary to New Hope Creek <br />(there is some overlap). Orange County would pay $12,210 for 2.22 acres located outside of <br />the stream buffers and another estimated $4,000 in transactional casts for a total of no more <br />than $16,000, EEP will pay an estimated $8,000 of transaction costs, including the survey. <br />Orange County's share of the cost (less than $16,000) would come from the 2001 Parks and <br />Open Space Bond, Lands Legacy portion ($2,487,000 currently available). <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />Approve the contribution of funds toward the purchase by the Triangle Land Conservancy <br />of 22.37 acres of land (Penny Tract) located west of Pickett Road; and <br />Accept the conveyance of the deed to the 22,37 acres of land from the Triangle Land <br />Conservancy; and <br />Instruct the County Attorney and staffs from ERCD and Finance to schedule and <br />complete a closing on the property expected to occur on or before April 30, 2006. <br />