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2 <br /> supply watershed river and adjacency to existing protected lands, provides significant <br /> conservation values for the site. An added social value would be achieved by the ownership <br /> change which would enable a new farmer/landowner from historically underserved communities. <br /> The requested 25% County contribution ($60,000) of the estimated $247,300 budget will help <br /> expand the conserved working lands in the Little River watershed. <br /> FINANCIAL IMPACT: The total costs of the conservation easement is $247,300, including closing <br /> and transactional costs. The requested County contribution is for $60,000, or 25% of the total. <br /> The purchase price for the conservation easement is $225,000, which was determined by an <br /> appraisal. Additional costs, including closing and transactional costs, bring the estimated total at <br /> closing to $247,300. <br /> Triangle Land Conservancy has identified the following funding sources: <br /> City of Durham $ 171,200 (69%) <br /> Orange County (Lands Legacy) $ 60,000 (24%) <br /> City of Raleigh $ 10,000 (4%) <br /> TLC $ 6,100 (3%) <br /> $247,300 (acquisition + transaction) <br /> Funds for the easement purchase would come from City of Durham ($168,000 purchase price <br /> plus $3,000 for legal and closing costs), Orange County ($57,000 purchase price plus $3,000 for <br /> legal and closing costs), City of Raleigh ($10,000 for stewardship endowment), and Triangle Land <br /> Conservancy ($6,100 for closing costs). <br /> The County's share of funds ($60,000) would come from existing funds budgeted and approved <br /> for the Lands Legacy Program (Land Legacy Fund). Funds would not be transferred until the <br /> easement transaction has occurred. The completed conservation easement will come back for <br /> Board approval in the spring of 2024, with a closing and recordation of the document expected to <br /> occur shortly thereafter. <br /> The Terry Road Farm property is enrolled in the Present Use Value taxation program, so the <br /> conservation easement would not lessen the amount of property taxes paid to the County. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal impacts are <br /> applicable to this item: <br /> • GOAL: ESTABLISH SUSTAINABLE AND EQUITABLE LAND-USE AND <br /> ENVIRONMENTAL POLICIES <br /> The fair treatment and meaningful involvement of people of all races, cultures, incomes <br /> and educational levels with respect to the development and enforcement of environmental <br /> laws, regulations, policies, and decisions. Fair treatment means that no group of people <br /> should bear a disproportionate share of the negative environmental consequences <br /> resulting from industrial, governmental and commercial operations or policies. <br /> ENVIRONMENTAL IMPACT: The following Orange County Environmental Responsibility Goal <br /> impact is applicable to this item: <br />