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environmental assessment will be conducted prior to closing. If approved, closing on the <br />property would occur on or before June 29, 2001. <br />Installment purchases by local governments require a public hearing prior to action on a <br />contract to purchase. Action on the contract may be taken immediately after close of the public <br />hearing. <br />FINANCIAL IMPACT: Funds to purchase this property would be withdrawn, over the five year <br />term, from the Subdivision Payment-in-Lieu fund (Cheeks District) in the amount of $260,000, <br />and the Lands Legacy Fund in the amount of $341,929. Upon BOCC approval of this <br />purchase, staff will present a corresponding budget amendment at the May 15 BOCC meeting: <br />Seven-Mile Creek Preserve (Mayes Hill) Acquisition <br />Land Acquisition Costs: <br />Land $538,740 <br />Transaction Costs $9,000 <br />Interest $54,234 <br />TOTAL $601,974 <br />RECOMMENDATION(S): The Manager recommends that the Board. <br />(1) conduct the public hearing; <br />(2) adopt the Resolution approving the Installment Purchase of approximately 131 acres of <br />land from Mayes' Hill Ltd. as described in the Resolution; <br />(3) Exempt this project from the requirements of G5 143, Article 3D as it pertains to the <br />selection of surveyors. <br />