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S <br />95 Durham towards the City's total contribution for the acquisition, and that the City has a <br />96 remaining contribution amount of $40,000 as of the date of this Agreement of which <br />97 $15,000 shall be paid before August 1 2006 and $25,000 before_ August 1, 2007. <br />98 <br />99 The City of Durham's financial contributions shall be off -set by grant funds as set forth <br />100 in paragraph 4 below. <br />101 <br />102 C. Chapel Hill's Contribution. Chapel Hill agrees to provide the following financial <br />103 contribution to Durham County towards the Acquisition: <br />104 <br />105 $100,000 paid to Durham County in three equal payments of $33,333.33. It is hereby <br />106 acknowledged that the County of Durham has received a payment in the amount of <br />107 $33,333.33 from Chapel Hill towards the Town's total contribution for the acquisition, <br />108 and that Chapel Hill has a remaining contribution amount of $66,666.66 as of the date of <br />109 this Agreement of which $33,333.33 shall be paid before August 1, 2006 and $33,333.33 <br />110 before August 1. 2007., —�h—` o '' .• ?'f A. ., . r �nnc_u <br />111 e2makide -an or befer-e f e b ^.•. ust i s-the-rea4er h =.h <br />112 befere August 1, 2007 <br />113 <br />114 Chapel Hill's financial contributions shall be off -set by gran t funds as set forth in <br />115 paragraph 4 below. <br />116 <br />117 D. Orange County's Contribution. Orange County agrees to provide the following <br />118 financial contribution to Durham County towards the Acquisition: <br />119 <br />120 $200,000 paid to Durham County in three equal payments of $66,666.66 the first being <br />121 made on or before ^iigast— - , 2005 and the remainder on or before each <br />122 August I" thereafter with the last payment being made on or before August 1, 2007, <br />123 <br />124 Orange County's financial contributions shall be off-set by grant funds as set forth in <br />125 paragraph 4 below, <br />126 <br />127 4. Private Contributions and Grant Funds. <br />128 <br />129 A. Private Contributions, <br />130 1. The Erwin Area Neighborhood Group (`BANG "), a non - partisan community action <br />131 group of persons from more than 40 neighborhoods, has pledged $200,000 towards the <br />132 purchase price of the Property. The Triangle Land Conservancy ( "TLC ") has agreed to <br />133 administer the pledge fund for the private contributions raised by the Erwin Area <br />134 Neighborhood Group. The parties acknowledge and agree that the funds collected by <br />135 TLC shall be distributed solely to Durham County to further off -set Durham County's <br />136 financial contribution. <br />137 <br />138 2. TLC has also promised to contribute $25,000 towards the <br />139 acquisition of the Property on or before July 30, 2006, The parties acknowledge and <br />140 agree that the funds collected by TLC shall be distributed solely to Durham County to <br />141 further off -set Durham County's financial contribr'=-- <br />DRAFT8 -2 -05 WITH DURHAM COUNTY COMMENTS <br />