Agenda - 06-23-2004-9b - Laserfiche WebLink

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The Tawn of Carrboro views acquisition of the Adams property as crucial to developing its greenway system. This property is a vital link to allow for long-planned expansion of the Bolin Creek Greenway, which is partially completed in Chapel Hill, as well as a conduit for a network of greenways through Carrboro to the University's planned new campus on the Horace Williams tract ("Carolina North"), the County's future Twin Creeks (Moniese Nomp) Park, and other open space lands in the Rural Buffer. In February 2003, Carrboro and Orange County agreed that Orange County's Lands Legacy Program would take the lead role in negotiating a purchase of the Adams property. Following several months of negotiations on contract terms and conditions, the Adams family has agreed to sell the land to the Town of Garrbaro for $1,550,000 (about $55,000/acre). The County and Carrboro will share in the cost of the purchase, but the land is to be owned and managed by the Town of Carrboro. Orange County s interests in the property will be represented through a conservation easement granted by Carrboro to the County, thereby adding perpetual use restrictions intended to protect the future use of the property as a low- impact park and natural area. The State of North Carolina will hold a second conservation easement on a six-acre portion of the property acquired with funding assistance from the NC Clean Water Management Trust Fund. Upon approval by the Board, a closing on the property is expected to occur on or before September 30, 2004. The conservation easement will also be conveyed at the closing. FINANCIAL IMPACT: The purchase price is $1,550,000. Funding will be shared equally by the County and the Town of Carrboro. The County share of the purchase price ($775,000) would be paid with funds from the County's 2001 Parks and Open Space bond, with $750,000 from the allotment for Joint Town-County Open Space/Carrboro greenways (as requested by the Town) and $25,000 from the Lands Legacy Fund (2001 Bond funds). Another $8,000-10,000 in closing costs (including a property survey) is expected, and those costs would also be shared equally. The County share would come from the aforementioned Lands Legacy Fund. RECOMMENDATION(S): The Manager recommends that the Board • Approve the purchase of approximately 27 acres of land known as the Adams Tract, located at the end of Wafters Road in Carrboro (the specific acreage to be determined by a survey); and • Authorize the Chair to sign the contract on behalf of the County, subject to final review by staff and county attorney; and • Authorize the Chair to sign the conservation easement on behalf of the County, subject to final review by staff and county attorney; and • Instruct the County Attorney and staffs from ERCD and Finance to schedule and complete a closing on the property on or before September 30, 2004.