Orange County NC Website
Browse       Search
tl~ 3 <br />TRIANGLE LAND <br />CONSERVANCY <br />February 20,2006 <br />Barry Jacobs, Chair <br />Orange County Board of Commissioners <br />P.O Bnx 8181 <br />Hillsborough, N,C. 2728 <br />Re: Letter of lntent for Transfer of the Perury Tract <br />L7ear Commissioner Jacobs: <br />This letter of intent outlines the basic Terms of n proposed agreement beaveen `I riangle Land <br />Conservancy 1.7 LC 1 and Orange County f-or thu con~cyanec of a 22,3'-acre property (the Penny <br />I ract) fur the purposes of conservation and ]ow-impact recreation. The Penny Tract is west of <br />Pickett Road and adjacent to New Hope Creek in Orange County.. <br />TLS' has a signed option to purchase this 22 37-acre property from uwnen lG'adC and Caru]vn <br />Penny at a purchase price of $5,500 per acra. TLC has succeeded in securing funding from the <br />NC Ecosys*.em Enhancement Program to acquire 20.15 acres of the 22.37-acre Penny Tract, <br />which consists of 30G-foot buffers along New Flope Creek and an unnamed tributary. The <br />remaining 2.22 acres (outside of the 300-foot buffers) mould be funded by Orange Comrty. <br />Orange County urould acquire from TLC the entire Penny Tract for the cost of the tr.~rneaction not <br />covered by the Ecosystem Farhancement Program. or about 516,000. A closing un this land <br />transaction is expected to occur by April 30, 2Q06.. - <br />The Triangle Land Conservancy looks forward to acquiring this property and to implementing <br />the New Hope Corridor Open Space A~aster Plan together with its partner Orange County. <br />Sincerely. <br />Kevin Brice V ! J <br />Fxeeutive Director ~a,, „~~S/ ~ ~~, ->L~,a «_-..Q ~,~~ut-- <br />11 J: Hrn•.=. :Irr1 , ; L. ,'i;!; , {<nieigh i IC: 2ie•Ga <br />9N 3sS i.of,,G h yi? 7~,: 935ri <br />e^r;n Ilr-rr. oil . ~N,r:ni_ nc orp <br />