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2 <br /> The planned agricultural conservation easement would be held jointly by Orange County and <br /> the Eno River Association. The easement would complement the technical assistance from the <br /> Orange Soil and Water Conservation District and protect a farm located just 1/3 mile from Cedar <br /> Grove Rural Crossroads Historic District (listed on the National Register of Historic Places). <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 $117,600, 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) $ 65,700 (44%) <br /> Eno River Association $ 15,000 (10%) <br /> NC Agricultural Development and Farmland <br /> Preservation Trust Fund (ADFP) $ 39,655 (26%) <br /> Landowner Donation $ 29,400 (20%) <br /> $149,755 (acquisition + transaction) <br /> The purchase price for the conservation easement is $88,200, which is 75 percent of the <br /> appraised value ($117,600). The landowner will donate 25 percent of the easement value <br /> ($29,400), 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 ($49,700 purchase price <br /> plus $16,000 for appraisal, survey and closing costs), ADFP ($39,655 purchase price plus <br /> stewardship), and Eno River Association ($15,000 stewardship). <br /> The County's approximate share of funds ($65,700) would come from existing funds budgeted <br /> and approved for the Lands Legacy program (Land Legacy Fund). <br /> The Cedar Grove Windy Hill Farm property is enrolled in the Present Use Value taxation <br /> program, so the conservation easement would not lessen the amount of property taxes paid to <br /> the County. There would be no decrease in the property's market value caused by the <br /> conservation easement (and extinguishing of a portion of its development rights) since it would <br /> not lower the property value to a level that is less than the current present use value. <br /> With this allocation, approximately $2.3 million remains available in the Lands Legacy Capital <br /> Project. The following Budget Amendment #10-A provides for the use of the above mentioned <br /> funds, and amends the following Capital Project Ordinances: <br /> Lands Legacy Capital Project (-$65,700) - Project#20011 <br /> Revenues for this project: <br /> Current FY 2018-19 FY 2018-19 <br /> FY 2018-19 Amendment Revised <br /> Alternative Financing $2,639,857 ($65,700) $2,574,157 <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 $2,692,891 ($65,700) $2,627,191 <br />