Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: November 7, 2024 <br /> Action Agenda <br /> Item No. 8-e <br /> SUBJECT: Approval of Additional Closing Costs — Kittrell-McAdoo Tract <br /> DEPARTMENT: Environment, Agriculture, Parks <br /> and Recreation (DEAPR) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Location Map David Stancil, 245-2510 <br /> Christian Hirni, 245-2514 <br /> PURPOSE: To approve an increase in closing funds toward the County's previously approved <br /> purchase of the Kittrell-McAdoo Tract. <br /> BACKGROUND: At the June 4, 2024 Business meeting, the Board approved the purchase of <br /> the Kittrell-McAdoo property. This property is located at the southwest corner of the Dimmocks <br /> Mill Road overpass over 1-40/85, southwest of Hillsborough. The property contains a 1,600-linear <br /> foot section of Rocky Run (a tributary of the Eno River and within the Upper Eno watershed) and <br /> will contain a segment of the Mountains to Sea Trail. <br /> Since the June approval, staff has noted additional costs for a Phase 2 Environmental <br /> Assessment that exceeds the projected closing costs estimate. The projected closing costs on <br /> June 4, 2024 were $12,500. The additional costs will bring the closing cost to approximately <br /> $21,493, an increase of $8,993. It is proposed to increase the budgeted closing costs for the <br /> project by $10,000 to allow for the above costs plus additional recording and title insurance, <br /> bringing the total transactional costs to $22,500. <br /> FINANCIAL IMPACT: The approved purchase of the property was $438,500, based on a property <br /> appraisal, and remains unchanged. Half of the project is being funded by a NC Land and Water <br /> Fund Grant. Projected closing costs at the time of approval increased this amount to $469,260. <br /> The additional closing and transactional costs bring the estimated total at closing to $479,260. <br /> The additional $10,000 in transaction costs is proposed to come from existing funds budgeted <br /> and approved for the Lands Legacy program (Lands Legacy Fund). <br /> The revised County share of funds ($238,000) would come from existing funds budgeted and <br /> approved for the Lands Legacy program (Lands Legacy Fund). <br /> ALIGNMENT WITH STRATEGIC PLAN: This item supports: <br /> • GOAL 1: ENVIRONMENTAL PROTECTION AND CLIMATE ACTION <br /> OBJECTIVE 6. Protect water supply/watersheds. <br />