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FINANCIAL IMPACT: The County intends to apply for up to $800,000 in federal funds, the <br />exact figure to be refined at the meeting, The application grant program would require an <br />equal share of County funds be used to match federal grant finds should the grant be <br />awarded, The federal funds may not be used for transaction costs; those will be paid for by <br />Orange County and are estimated to cost another $25,000 for as many as four farms, The <br />County's matching funds (up to $800,000) would come from the remaining $975,000 in <br />alternative financing approved by the Board of Commissioners in FY 2003-04 (total of $3.0 <br />million). A Conservation Easement Capital Project Ordinance would be provided to the <br />Board for consideration at a future meeting. <br />RECOMMENDATION(S): The Manager recommends that the Board authorize the submittal <br />of a grant application to the federal Farm and Ranch Land Protection Program in an amount <br />to be defined but not to exceed $800,000 prior to the April 4 deadline, with County matching <br />fiands to come from alternative financing for conservation easements. <br />