Agenda - 11-07-2024; 8-f - Resolution of Approval – Donated Conservation Easement on Property of William Bruce and Phyllis Richmond

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2 forestry uses outside of the required stream buffers. All other non-agricultural and residential development rights will be extinguished through the conservation easement. The planned conservation easement areas are depicted on the attached survey plat. The draft deed of conservation easement is also provided. FINANCIAL IMPACT: As the value of the conservation easement will be donated, the only costs to the County will be transactional and closing costs, part of which is subsidized by a State of North Carolina Land and Water Fund grant. DEAPR worked with the Eno River Association to identify the NC Land and Water Fund grant as follows: Orange County (Conservation Easement Fund) $ 16,500 NC Land and Water Fund (NCLWF) 10,780 $ 27,280 (transaction) The closing and transactional costs bring the estimated total at closing to $28,000. Funds for the easement purchase would come from Orange County ($16,500 for survey) and NCLWF ($10,780 for contract administration, legal and closing costs). The County's share of funds ($16,500) would come from existing funds budgeted and approved for the Lands Legacy program (Conservation Easement Fund). The Richmond property is enrolled in the Present Use Value taxation program, so the conservation easement would not lessen the amount of property taxes paid to the County. There would be no decrease in the property's market value caused by the conservation easement (and extinguishing of portion of its development rights) since it would not lower the property value to a level that is less than the current present use value. With this allocation, approximately $1.49 million remains available in the Conservation Easement Capital Project. ALIGNMENT WITH STRATEGIC PLAN: This item supports: • GOAL 1: ENVIRONMENTAL PROTECTION AND CLIMATE ACTION OBJECTIVE 6. Protect water supply/watersheds. OBJECTIVE 7. Conserve and protect high priority open space, including Natural Heritage sites, nature preserves, watershed riparian buffers, and prime/threatened farmland. RECOMMENDATION(S): The Manager recommends that the Board adopt and authorize the Chair to sign the resolution approving the acceptance by Orange County of the conservation easement and authorize the Chair and the Clerk to sign the conservation easement agreement, subject to final review by staff and County Attorney, with a closing and recordation of the document expected to occur on or about January 30, 2025.