Orange County NC Website
Browse       Search
Attachment 1 <br /> 4 <br /> "*1 11111111111 <br /> 11111111104 111111111111111111111111111 <br /> „nil» <br /> mho <br /> 1101 G)L.aess Rd DL rhalru® NC )1/1) 91.9:).COO 90:):) www einoiriiyeir.()Iry <br /> May 1, 2017 <br /> Mr. David Stancil <br /> Department Director DEAPR <br /> 306A Revere Road <br /> Hillsborough, NC 27278 <br /> Via Email to dstancil @orangecountync.gov <br /> Re: !ski Conservation Project Grant Request <br /> Dear Mr. Stancil, <br /> On behalf of the Eno River Association I am writing to request funding from Orange County in <br /> the amount of$63,655 to be used for the purchase by the Association of 56.31 acres of <br /> conservation land in the Upper Eno watershed. At the County's option, the Eno River <br /> Association will convey a conservation easement on the property to the County in exchange for <br /> this grant funding. <br /> Project Status <br /> • The Eno River Association will purchase the property on May 15, 2017 for the appraised <br /> value of$337,860. Additional project costs include survey and legal expenses of$6,000 <br /> and stewardship endowment funding of$10,110, bringing the total project cost to <br /> $353,970. <br /> • The Association will make a down payment at closing of$62,029 and sign a promissory <br /> note to the sellers for$275,831, with interest at 5 percent. The sellers are in need of <br /> immediate funds and willing to finance the project, giving the Association time to raise <br /> the funds necessary to complete the project. The Association believes that the <br /> conservation values of the project are significant enough to warrant closing on the <br /> project in the seller's timeframe rather than risk the land being lost to subdivision <br /> development. <br /> • The Association has also applied for grant funding from the City of Raleigh through its <br /> Upper Neuse Clean Water Initiative, and from the North Carolina Clean Water <br /> Management Trust Fund. <br /> • Funding from Raleigh has been approved in the amount of$69,830. Raleigh does not <br /> require a recorded conservation agreement for its grants to land trusts such as the <br /> Eno River Association. <br />