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0 <br />48 WHEREAS, based on the commitments received by the surrounding jurisdictions and the <br />49 community contributions, Durham County has entered into a Contract to Purchase to acquire the <br />50 Property from Duke University and preserve the Property for open space and low- impact <br />51 recreational use; and <br />52 <br />53 WHEREAS, the parties agree that there is a benefit derived from mutual planning for the <br />54 uses of the Property and the Hollow Rock Access area generally described in component 4 of the <br />55 New Hope Creek Open Space Master Plan; and <br />56 <br />57 WHEREAS, the County of Durham applied for and has been awarded a Clean Water <br />58 Management Trust Fund Grant in the amount of $1,112,000 dollars towards the acquisition of <br />59 the Penny Tract and acquisition of the Property which amount shall be distributed among the <br />60 participating jurisdictions in the manner described herein; and <br />61 <br />62 WHEREAS, the parties hereto desire to enter into this Inter-local Cooperation Agreement <br />63 to set forth their respective participation, obligations and rights related to the acquisition and <br />64 development of the Property and the surrounding open space areas. <br />65 <br />66 NOW, THEREFORE, for and in consideration of their mutual promises, Durham County, <br />67 Orange County, Chapel Hill and the City of Durham hereby agree as follows: <br />68 <br />69 1. Purpose. The purpose of this Agreement is to set forth the undertakings of the parties <br />70 hereto with regard to their respective contributions, obligations, and participation in the multi - <br />71 jurisdictional purchase and operation of the Property as well as to establish a Park Planning <br />72 Advisory Committee to develop recommendations for an overall plan for the Property and <br />73 adjoining properties in the Hollow Rock area, including the obligations of Orange County and <br />74 Durham County as they relate to the Penny Tract, <br />75 <br />76 2. Contract to Purchase. Durham County has entered into a Contract with Duke to <br />77 Purchase the Property for $1,500,000. Pursuant to the Contract to Purchase, Durham County is <br />78 obligated to pay to Duke $500,000 on or before July 15, 2005. The remaining $1,000,000 is due <br />79 at closing which will be on or before April 8, 2008, The Contract to Purchase is incorporated <br />80 herein by reference to it. A Memorandum of' Contract has been recorded in the Durham County <br />81 Register of Deeds Office at Book 4781 page 648 and the Orange County Register of Deeds <br />82 Office at Book 374 page 550. <br />83 <br />84 3. Financial Contributions toward the Acquisition. <br />85 <br />86 A. Durham County. Durham County agrees to provide the following financial <br />87 contribution toward the acquisition of the Property: <br />88 <br />89 $500,000, pursuant to the terms and conditions of the Contract to Purchase, which was <br />90 paid to Duke on or about July 15, 2005; and <br />91 $1,000,000 paid to Duke, pursuant to the terms and conditions of the Contract to <br />92 Purchase, on or before April 8, 2008, plus closing costs. <br />93 <br />04 -05 -06 2 of 11 <br />