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187 <br />188 <br />189 <br />190 <br />191 <br />192 <br />19.3 <br />194 <br />195 <br />196 <br />197 <br />198 <br />199 <br />200 <br />201 <br />202 <br />203 <br />204 <br />205 <br />206 <br />207 <br />208 <br />209 <br />210 <br />211 <br />212 <br />213 <br />214 <br />215 <br />216 <br />217 <br />218 <br />219 <br />220 <br />221 <br />222 <br />22.3 <br />224 <br />225 <br />226 <br />227 <br />228 <br />229 <br />2.30 <br />231 <br />2.32 <br />23.3 <br />I <br />A. To Orange County: the I I acres lying and being in Orange County. <br />B. To Chapel Hill: 2 acres which is proportionate to Chapel Hill's financial contribution <br />to Durham County of $100,000 calculated at $49,984 per acre, the appraised value of <br />the portion of the Property lying in Durham County, opined by Smith And Whitfield, <br />Inc, on March 24, 2005, Chapel Hill's portion shall be subdivided from Durham <br />County's parcel at the approximate location indicated on Attachment 1. <br />Each governing body holding ownership to the Property shall be liable for and shall <br />maintain the property in the manner consistent with the purpose of the conveyance unless <br />otherwise agreed. <br />6. The Penny Tract and Conservation Easements. <br />A. The Penny family has pledged to grant a conservation easement to Durham and <br />Orange Counties on additional land adjacent to the Penny Tract and the Property <br />(hereinafter the "Penny Conservation Easement"). Pursuant to the Grant Agreement, <br />the Grant Funds are contingent upon the conveyance of the Penny Conservation <br />Easement(s), The portion of the Penny Conservation Easement within Durham <br />County will be owned and managed by Durham County and the portion of the Penny <br />Conservation Easement within Orange County will be owned and managed by <br />Orange County, <br />B. Orange County and Durham County shall cooperate to deterniine the boundaries of <br />the Penny Conservation Easement as it crosses the county lines. The Penny <br />Conservation Easement may be conveyed by the Penny family to Durham and Orange <br />counties either as one easement or two. <br />C. The Penny Tract consists of 23 acres of land within Orange County owned by Wade <br />and Carolyn Penny abutting New Hope Creek. The land is under option by the TLC <br />until March 31, 2006. The land will be purchased by TLC and then sold to Orange <br />County who will then own and manage it. <br />7. Master Park Plannine. <br />Chapel Hill, Durham County, the City of Durham and Orange County hereby ,jointly <br />establish a Park Planning Advisory Committee ( "Committee ") for the Property and <br />surrounding area. The purpose of the Committee is to develop recommendations for an <br />overall plan for the Property and adjoining properties that comprise the Hollow Rock/ <br />Erwin Area portion of the New Hope Plan. The plan should include overall recommended <br />uses and generalized locations for the proposed uses. The recommendations of the <br />Committee will be presented to the public and approved by the participating governing <br />bodies, <br />A. Membership. The Committee shall consist of eleven (11) members appointed as <br />follows: <br />1, Four (4) members shall be appointed by the Durham County Board of <br />Commissioners. <br />2. Four (4) members shall be appointed by the Orange County Board of Commissioners. <br />04 -05 -06 5 of I I <br />