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2 <br />TLC will purchase the easement with a grant from the NC Clean Water Management Trust <br />Fund. TLC will assign the easement to Orange County for oversight of a future public <br />walking trail along New Hope Creek. Orange County will then assign the conservation <br />easement to the State of North Carolina, which will be the ultimate grantee and holder of the <br />easement. Orange County will reserve from this conveyance the nonexclusive rights initially <br />acquired by the conservation easE ment to monitor, observe, access, and enforce the <br />easement for the conservation and recreational purposes allowed therein. <br />On September 16, 2003, the Board of Commissioners adopted a resolution approving <br />Orange County's acceptance of the conservation easement and authorizing the Chair to sign <br />the easement documents pending final review by the County Attorney and staff. The <br />documents have been finalized to the satisfaction of all parties. TLC will close on the <br />conservation easement in early November and schedule a subsequent closing in late <br />November for assignment of the Easement to Orange County and the State of North <br />Carolina. <br />FINANCIAL IMPACT: The Triangle Land Conservancy will purchase the conservation <br />easement and then convey the easement to Orange County. Orange County (ERCD) will <br />assume the task of monitoring the property on an annual basis and helping to enforce the <br />development restrictions. OrangE County may need to pay some transaction costs estimated <br />to be less than $1,000, which would be paid from the Lands Legacy Fund. <br />RECOMMENDATION: The Manager recommends that the Board authorize the Chair to <br />sign the conservation easement assignment documents. <br />