Agenda - 05-15-2001-8d - Laserfiche WebLink

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2. Lands Legacy Capital Project Ordinance At its May 1, 2001 meeting, the Board ofi County Commissioners approved the purchase of two pieces ofi property located on Eubanks Road in Chapel Hill. The total cost ofi the properties is $4,615,000 including estimated closing costs. Various funding sources will fund the purchases. Bolin Creek Hunter (Cate) Funding Source Property Property Total School/Park Reserve .Fund $1,065,000 $800,000 $1,865,000 1997 Bond Funds $0 $2,700,000 $2,700,000 Subdivision Payment-in- Lieu $0 $50,000 $50,000 Total Cost 1,065,000 3,550,000 4,615,000 The amount of funds remaining in the School/Park Reserve Fund following this purchase is $1,128,a0a. The Lands Legacy Capital Project Ordinance (Attachment 3) reflects the land purchases. Column #2 of Attachment 1 of this abstract reflects the budget amendment that transfers the funds from the School/Park Reserve to the Lands Legacy Capital Project Ordinance. 3. Non-Departmental • This budget amendment appropriates fund balance for work that the Board has authorized for legal, technical and scientific work related to the County's intervention in the proposed Carolina Power & Light (CP&L) nuclear fuel rod storage expansion. An appropriation of $164,000 is required to cover the costs associated with this action. (See column #3, Attachment 1) At the May 1, 2001 Board meeting, Habitat for Humanity requested that the Commissioners assist the agency in meeting the County's subdivision requirements as they relate to Phase I of the proposed Richmond Hills subdivision. This subdivision will provide affordable housing in Efland. Most of the subdivision requirements require particular written agreements between parties and recording of deeds and plats and do not involve financial obligations on the part ofi Habitat. There is one component of the regulations that requires requesting agencies to post security related to construction of certain infrastructure such as water and sewer systems, storm drainage, site preparation, etc: This amount is based on a certain percentage of estimated construction costs. For Habitat, this amount equates to approximately $500,000. In order to move the affordable housing project along, the Board agreed to assist the agency in meeting the requirements. The Board further agreed that under no circumstances will Habitat be allowed to expend the money appropriated. Orange County alone will .direct expenditures, if any, from this appropriation. This budget amendment appropriates $500,000 of County fund balance to provide the financial backing requirement. (See column #4, Attachment 1) FINANCIAL IMPACT: Financial impacts are included in the background information above.