Agenda - 12-12-2017 - 8-d - Resolution of Approval – Conservation Easement for High Rock Road Farmland; and Approval of Budget Amendment #4-A

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2 A conservation easement on the 15 acres would add to the existing 320 acres of land protected with Orange County farm conservation easements in the immediate area. This property is adjacent to the protected Center Stream Farm and Center Stream Farm Addition (72 acres - first Orange County conservation easement acquired in July 2001 and 25 acres acquired December 2017, respectively) owned and operated by Fickle Creek Land Company, LLC. To the north and east of that farm is CarlsBeth Farm (223 acres), which is also under a farm easement held by the County (December 2003). The conservation of these adjoining properties would increase the permanent protection of farmland in the immediate area to 335 acres. One of the espoused goals on the agricultural conservation easement initiative is to help conserve "critical mass" of connected adjacent farmland for future production. The planned agricultural conservation easement would be held by Orange County. The easement would complement the technical assistance from the Orange Soil and Water Conservation District and will also protect stream buffers. The planned agricultural conservation easement area is depicted on the attached site map. A draft deed of conservation easement is also provided. FINANCIAL IMPACT: The easement purchase price is $51,000, which is 100 percent of the easement value as determined by an appraisal by Shackelford and Associates. Grant funding for this easement was not practical due to the minimum size limitation of the typical grant source requirements. Funds for the easement purchase would come from Orange County ($51,000 purchase price plus $3,500 for closing costs). The County's share of funds ($54,500) would come from existing funds budgeted and approved for the Lands Legacy program (Land Legacy Fund). The High Rock Road farmland property is enrolled in the Present Use Value taxation program, so the conservation easement would not lessen the amount of property taxes paid to the County. There would be no decrease in the property's market value caused by the conservation easement (and extinguishing of portion of its development rights) since it would not lower the property value to a level that is less than the current present use value. With this allocation, approximately $2.95 million remains available in the Lands Legacy Capital Project. The following Budget Amendment #4-A provides for the use of the above mentioned funds, and amends the following Capital Project Ordinances: Lands Legacy Capital Project (-$54,500) - Project#20011 Revenues for this project: Current FY 2017-18 FY 2017-18 FY 2017-18 Amendment Revised Alternative Financing $3,158,472 ($54,500) $3,103,972 From General Fund $42,697 $0 $42,697 Donations $1,000 $0 $1,000 Appropriated Fund Balance $9,337 $0 $9,337 Total Project Funding $3,211,506 ($54,500) $3,157,006