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48 <br />49 <br />50 <br />51 <br />52 <br />53 <br />54 <br />55 <br />56 <br />57 <br />58 <br />59 <br />60 <br />61 <br />62 <br />63 <br />64 <br />65 <br />66 <br />67 <br />68 <br />69 <br />70 <br />71 <br />72 <br />73 <br />74 <br />75 <br />76 <br />77 <br />78 <br />79 <br />80 <br />81 <br />82 <br />83 <br />84 <br />85 <br />86 <br />87 <br />88 <br />89 <br />90 <br />91 <br />92 <br />9.3 <br />94 <br />lJ <br />University o acquire the Property from Duke University and preserve it- Property for open spa e <br />and low - impact recreational use; and <br />WHEREAS, the parties agree that there is a benefit derived from mutual planning for the <br />uses of the Property and the Hollow Rock Access area generally described in component 4 of the <br />New Hope Cieek Open Space Master Plan; and <br />WHEREAS, the parties hereto desire to enter into this Interlocal Cooperation Agreement to <br />set forth their respective participation, obligations and rights related to the acquisition and <br />development of the Property and the surrounding open space areas. <br />NOW, THEREFORE, for and in consideration of their mutual promises, Durham County, <br />Orange County, Chapel Hill and the City of Durham hereby agree as follows: <br />1. Purpose. The purpose of this Agreement is to set forth the undertakings of the parties hereto <br />with regard to their respective contributions, obligations, and participation in the multi - ,jurisdictional <br />purchase and operation of the Property as well as to establish a Park Planning Advisory Committee <br />to develop recommendations for an overall plan for the Property and adjoining properties in the <br />Hollow Rock area. <br />2. Contract to Purchase. Durham County has entered into a Contract with Duke to Purchase <br />the Property for $1,500,000, Pursuant to the Contract to Purchase, Durham County is obligated to <br />pay to Duke $500,000 on or before July 15, 2005. The remaining $1,000,000 is due at closing which <br />will be on or before April 8, 2008. The Contract to Purchase is incorporated herein by reference to <br />it. A Memorandum of Contract has been recorded in the Durham County Register of Deeds Office <br />at Book 4781 page 648 and the Orange County Register of Deeds Office at Book 374 page 550. 1 <br />3. Financial Contributions toward the Acquisition. <br />A. Durham County. Durham County agrees to provide the following financial <br />contribution toward the acquisition of the Property: <br />$500,000 paid to Duke , pursuant to the terms and conditions of the Contract to Purchase, on <br />or before .July 15, 2005; and <br />$1,000,000 paid to Duke, pursuant to the terms and conditions of the Contract to Purchase, <br />on or before April 8, 2008. <br />Durham County's financial contributions shall be off -set by grant funds and other <br />contributions as set forth in paragraph 4 below. <br />B. The City of Durham's Contribution. The City of Durham agrees to provide the <br />following financial contribution to Durham County towards the Acquisition: <br />$75,000 paid to Durham County in three payments_ * " * "� eiirb uadc en er�efero <br />August 1, a =d. tl ;e- ren3atnder- en- er.- prefere� �a�� t <br />a^ ^ w .° ._ �•• •••^ °_�A It is hereby acknowledged that the <br />TrVa. b— liirsv'c�v .•gyp• -•-- -. <br />County of Durham has received a payment in the amount of $35,000 from the City of <br />DRAFT 8 -2 -05 WITH DURHAM COUNTY COMMENTS 2 <br />