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<br /> The planned agricultural conservation easement would be held jointly by Orange County and
<br /> the Eno River Association. The easement would enhance the protection of this historic farm,
<br /> which is listed on the National Register of Historic Places. It would also complement the
<br /> technical assistance from the Orange Soil and Water Conservation District and will also protect
<br /> stream buffers.
<br /> The planned agricultural conservation easement area is depicted on the attached site map. A
<br /> draft deed of conservation easement is also provided.
<br /> FINANCIAL IMPACT: The value of the conservation easement is $279,600, which was
<br /> determined by an appraisal by Kirkland Appraisals, LLC.
<br /> DEAPR worked with the Eno River Association to identify the following funding sources:
<br /> Orange County (Lands Legacy) $ 85,000 (27%)
<br /> NC Agricultural Development and Farmland
<br /> Preservation Trust Fund (ADFP) $ 84,460 (27%)
<br /> City of Raleigh (Upper Neuse Clean Water Initiative) $ 71,698 (23%)
<br /> Landowner Donation $ 69,750 (23%)
<br /> $310,908 (acquisition + transaction)
<br /> The purchase price for the conservation easement is $209,850, which is 75 percent of the
<br /> appraised value ($279,600). The landowner will donate 25 percent of the easement value
<br /> ($69,750), meaning they will forgo that amount and, instead, will be eligible for federal income
<br /> tax benefits.
<br /> Funds for the easement purchase would come from Orange County ($68,000 purchase price
<br /> plus $17,000 for appraisal, survey and closing costs), ADFP ($82,000 purchase price plus
<br /> $2,460 stewardship), City of Raleigh ($59,250 purchase price plus $12,448 stewardship), and
<br /> Eno River Association (in-kind match).
<br /> The County's share of funds ($85,000) would come from existing funds budgeted and approved
<br /> for the Lands Legacy program (Land Legacy Fund).
<br /> The Holden-Roberts Farm property is enrolled in the Present Use Value taxation program, so
<br /> the conservation easement would not lessen the amount of property taxes paid to the County.
<br /> There would be no decrease in the property's market value caused by the conservation
<br /> easement (and extinguishing of portion of its development rights) since it would not lower the
<br /> property value to a level that is less than the current present use value.
<br /> With this allocation, approximately $2.085 million remains available in the Lands Legacy Capital
<br /> Project. The following Budget Amendment #10-C provides for the use of the above mentioned
<br /> funds, and amends the following Capital Project Ordinances:
<br /> Lands Legacy Capital Project (-$85,000) - Project#20011
<br /> Revenues for this project:
<br /> Current FY 2018-19 FY 2018-19
<br /> FY 2018-19 Amendment Revised
<br /> Alternative Financing $2,443,157 ($85,000) $2,358,157
<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 $2,496,191 ($85,000) $2,411,191
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