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17 2 negotiations with the Blackwood family for acquisition of the property as a future County park site . Through the spring and fall of this year , staff and the County Attorney have worked with the Blackwood family to negotiate the purchase of this historic property , and conduct necessary preliminary activities to the purchase . The Blackwood family and the County have agreed to the purchase price , as outlined in the attached contract . While the closing on the property would occur prior to January 1 , the contract terms do allow for time for the family to complete arrangements through March 2002 prior to vacating the property . FINANCIAL IMPACT : The purchase price for the Blackwood properties is $ 2 , 064 , 000 ( $ 13 , 609 per acre ) . Adding other transaction - related closing costs , the total cost of acquisition is projected to be $ 2 , 077 , 050 . The funding sources for the acquisition are addressed in the attached capital project ordinance . Funds for the acquisition would come from the following sources : ,, Funding Source Amount School / Park Reserve $ 1 , 100 , 000 1997 Parks Bond $ 100 , 000 Payment- in - Lieu Funds ( Chapel Hill $ 117 , 000 district 2001 Parks , Recreation and Open $ 760 , 050 Space Bond TOTAL $ 27077 , 050 RECOMMENDATION ( S ) : The Manager recommends that the Board approve the contract to purchase this property as presented , and further recommends that the Board authorize the County Attorney and staff to negotiate any points in the contract other than the purchase price , as necessary . The Manager also recommends that the Board approve the Capital Project Ordinance as attached , with a closing to occur on or prior to December 31 , 2001 .