Agenda - 06-07-2005-5e - Laserfiche WebLink

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2 FINANCIAL IMPACT: The Cooperative Agreement would obligate $845,686 in federal funds for the purchase of conservation easements in Orange County and would require an equal share of County funds be used to match the federal grant funds. The County would, however, be allowed to use other sources of non-federal funds to offset County funds should alternative funds become available for one or more of these projects. Transaction costs for the easement acquisitions are estimated to cost another $40,000 for the four farms. Although FRPP grant funds may not be used for transaction costs, funding assistance may be available from the NC Foundation for Soil & Water Conservation. The Foundation recently announced that it would accept proposals for funding up to $6,000 to help offset the transactional costs for each FRPP project. The Foundation might be able to provide up to $24,000 of the estimated $40,000 outlay— leaving an estimated $16,000 to be paid by Orange County, The County's share of funds for acquiring the conservation easements would come from the remaining $975,000 in alternative financing approved by the Board of Commissioners in FY 2003-04 (total of$3.0 million). A Conservation Easement Capital Project Ordinance would be provided to the Board for consideration at a future meeting. RECOMMENDATION(S): The Manager recommends that the Board authorize the Chair to sign the Cooperative Agreement between Orange County and the US Commodity Credit Corporation for the receipt of$845,686 in federal funds for the acquisition of agricultural conservation easements on four farms prior to September 30, 2007. The terms of the final agreement are subject to final review by the County Attorney and staff.