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<br /> FINANCIAL IMPACT: TLC has a signed agreement with the property owner to purchase the
<br /> property for $739,260, which is $310,740 less than the most recent appraised value. The
<br /> landowner has agreed to donate at least $310,740 in land value for this project. Additional
<br /> project costs include survey, legal expenses and stewardship endowment funding, bringing the
<br /> total project cost to $1,067,700.
<br /> TLC was awarded $105,000 from the City of Raleigh through its Upper Neuse Clean Water
<br /> Initiative, and also received $325,000 from an anonymous donor. TLC is contributing $216,200
<br /> towards the purchase and is requesting $109,260 from Orange County to assist with the
<br /> acquisition.
<br /> If approved, County funding for the project would come from the Lands Legacy Fund
<br /> (approximately $2.59 million remaining).
<br /> With this allocation, approximately $2.48 million remains available in the Lands Legacy Capital
<br /> Project. The following Budget Amendment #6-B provides for the use of the above mentioned
<br /> funds, and amends the following Capital Project Ordinances:
<br /> Lands Legacy Capital Project (-$109,260) - Project#20011
<br /> Revenues for this project:
<br /> Current FY 2018-19 FY 2018-19
<br /> FY 2018-19 Amendment Revised
<br /> Alternative Financing $2,749,117 ($109,260) $2,639,857
<br /> From General Fund $42,697 $0 $42,697
<br /> Donations $1,000 $0 $1,000
<br /> Appropriated Fund Balance $9,337 $0 $9,337
<br /> Total Project Funding $2,802,151 ($109,260) $2,692,891
<br /> Appropriated for this project:
<br /> Current FY FY 2018-19 FY 2018-19
<br /> 2018-19 Amendment Revised
<br /> Lands Legacy Program $2,802,151 ($109,260) $2,692,891
<br /> Total Costs $2,802,151 ($109,260) $2,692,891
<br /> Conservation Easements Capital Project ($109,260) - Project# 20006
<br /> Revenues for this project:
<br /> Current FY 2018-19 FY 2018-19
<br /> FY 2018-19 Amendment Revised
<br /> Alternative Financing $2,342,987 $109,260 $2,452,247
<br /> From General Fund $696,521 $0 $696,521
<br /> Donations $1,020 $0 $1,020
<br /> NC Agriculture Development $135,480 $0 $135,480
<br /> Grant
<br /> Eno River Association $252,843 $0 $252,843
<br /> Upper Neuse Clean Water
<br /> Initiative $54,000 $0 $54,000
<br /> NC Conservation Reserve
<br /> $18,800 $0 $18,800
<br /> Program
<br /> Contribution from Hillsborough $6,157 $0 $6,157
<br /> USDA Farmland Protection $1,936,000 $0 $1,936,000
<br /> Total Project Funding $5,443,808 $109,260 $5,553,068
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