Agenda - 04-10-2006 - 9c - Laserfiche WebLink

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7oj 141 Durham County's financial contribution. 142 143 2. TLC has also promised to contribute $25,000 to Durham County towards the 144 acquisition of the Property on or before July 30, 2006. The parties acknowledge and 145 agree that the funds collected by TLC shall be distributed solely to Durham County to 146 further off =set Durham County's financial contribution. 147 148 B. Open Space Grants. 149 Durham County applied for, with the aid of the other parties, a Clean Water Management 150 Trust Fund Grant ( "Grant Funds ") to off -set the financial contributions made by the 151 governing bodies towards the acquisition of the Property. Notification of an award in the 152 amount of $1,112,000 was received by Durham County from CWMTF by letter dated 153 November 30, 2005; however, Grant Funds are not obligated until a Grant Agreement is 154 executed between Durham County and CWMTF. The Grant Funds are conditioned upon 155 the donation of additional conservation easements on Penny lands as further discussed in 156 6.A below. The parties agree to the following distribution of Grant Funds to off-set each 157 party's financial contributions towards the acquisition: 158 The first $500,000 shall be used to off -set Durham County's contribution to the purchase 159 of the Property. 160 161 The remaining $500,000 of Grant Funds shall be used to off-set the agreed -upon financial 162 contributions of all four participating governments on a pro -rata basis based on the total 163 amount of the un- reimbursed contribution by each governmental unit, thus, each 164 governing unit's total financial contribution will be reduced to the following amounts: 165 166 • Durham County - 52.5% contribution equals $151,643 167 • City of Durham — 9.5% contribution equals $27,471 168 • Chapel Hill —12.7% contribution equals $36,629 169 • Orange County - 25.3% contribution equals $73,257 170 171 The remaining $112,000 shall be utilized solely to reimburse Orange County for 172 expenses related to the acquisition of the Penny Tract, as described further in 6C, below. 173 TLC has also sought other sources of funding for this Tract and in the event other sources 174 are used, the $112,000, or any part thereof, may not be necessary and shall not be 175 utilized. 176 177 Durham County will enter into a Grant Agreement which dictates the amount of the 178 Grant Funds awarded from Clean Water Management Trust Fund Grant ( CWMTF) and 179 any conditions of said Grant. The distribution of" Grant Funds shall be subject to the 180 Grant between Durham County and CWMTF, all Grant Funds shall be utilized pursuant 181 to the Grant. 182 183 5. Distribution and Ownership of Property. Pursuant to the Contract to Purchase, the 184 Property will be conveyed to Durham County upon closing. Immediately following the 185 closing between Durham County and Duke, Durham County agrees to convey, by Special 186 Warranty Deed, subject to section 7 below, portions of the Property as follows: 04 -05 -06 4 of 11