Agenda - 09-19-2006-10a - Laserfiche WebLink

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Prepared 0411 /06 E~~~~~~ E~ ~~~~~~~ 9 ~ti~~~ ~~~~~~~~~~~P~~ ~&' ~®~~ ~~ Under the interlocal "Agreement for Solid Waste Management", the term °heimbursement Amount" is defined as follows: (I) ur the case of disposition to a North Carolina local government that is also a Party, so long as (hat government devotes the 6'ansfen'ed portion to public purposes, (a) .5608,823, being the original purcl'iase price of the Greene Traci, multiplied (h) by a fraction, the numerator of which rs the number of whole acres of the Greene Tract being disposed and the denominator of which is 169. plus (c) uncompounded interest on the product of (a} and (b) at the aru~ual rate of 6.00°o from March 3Q 1934 to the effective date of any disposition, and (2) in the case of any other disposition. the greater of either (a) the Reimbursement Flmount fo a North Carolina local government that is also a Party, or (b) the net /.proceeds of a sale after the costs of the sale arm paid , if one were to assume that the June 2002 recommendations of the Greene Tract Work Group were implemented, with conservation easements recorded sometime during FY 2006-07 on both jointly owned property and on the County's GO acres, and with alump- sum payment due date of July 1, 2007, the total reimbursement amount would be approximately; Original Purchase Price $608,823 Annual Interest at G% uncompounded 36,530 Total Interest (23 years 3 months) 849,322 "s`otai Reimbursement Ar7ount X1,458,145 The respective shares of the local governments in making reimbursements to the Solid Waste/Landfill Operations Enterprise Fund would be approximately (based on the ach.rel surveyed acreage of 'I G4, rather than the 109 acres cited in the interlocal agreeir~ent): ' Principal Interest Total Entire Greene Traci 164 acres 8608,823 8849,322 S1,458, 145 Orange County GO acres 222,741 310,727 533,468 deeded portion Orange County interest 43% of 104 acres 1 GG,015 231,596 397,611 in remainder Chapel Nill interest in 43"/<~ of 104 acres 166;015 231,596 397,611 remainder Carrboro interest in 14% of 104 acres 54,052 75,403 129,455 remainder if the local governments were to agree that reimbursement payments should be spread out over a period of several years, that might make annual budget planning easier than having to budget for one large reimbursement payment. Spreading payments could be structured to provide necessary cash to the enterprise fund for future major capital expenditures (e g. a transfer station), while easing the burden on Town and County General Funds The County and Town Managers and staffs can collaborate to produce a recommendation for payback over amulti-year period, for future Board discussion