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142 `@ <br />143 B. Open Space Grants. <br />144 Durham County will seek, with the aid of the other parties, state and/or federal grants <br />145 ( "Grant Funds ") to off -set the financial contributions made by the governing bodies <br />146 towards the acquisition of the Property. Depending on the amount of grant funds <br />147 received, the parties agree to the following distribution of grant funds to off -set each <br />148 party's financial contributions towards the acquisition: <br />149 <br />150 The first $500,000 of any Grant Funds received for the purchase of the subject property <br />151 shall be used to off -set Durham County's contribution to the purchase of the Property. <br />152 <br />15:3 Any Grant Funds received over and above $500,000 for the purchase of the Property <br />154 shall be used to off -set the agreed -upon financial contributions of all four participating <br />155 governments on a pro -rata basis based on the total amount of the un- reimbursed <br />156 contributed by each governmental unit as specified herein. <br />157 <br />158 5. Distribution and Ownership of Property. Pursuant to the Contract to Purchase, the <br />159 Property will be conveyed to Durham County upon closing. Immediately following the <br />160 closing between Durham County and Duke, Durham County agrees to convey, by Special <br />161 Warranty Deed, subject to section 7 below, portions of the Property as follows: <br />162 <br />163 A. To Orange County: the 11 acres lying and being in Orange County. <br />164 B. To Chapel Hill: 2 acres which is proportionate to Chapel Hill's financial contribution <br />165 to Durham County of $100,000 calculated at $49,984 per acre, the appraised value of <br />166 the portion of the Property lying in Durham County, opined by Smith And Whitfield, <br />167 Inc. on March 24, 2005. <br />168 <br />169 Chapel Hill and Durham County shall mutually agree upon the subdivision of the <br />170 Property prior to Durham County's purchase of the Property. <br />171 <br />172 Each governing body holding ownership to the Property shall be liable for and shall <br />173 maintain the property in the manner consistent with the purpose of the conveyance and <br />174 any restrictions placed thereon, unless otherwise agreed. <br />175 <br />176 6. Master Park Planning. <br />177 Chapel Hill, Durham County, the City of Durham and Orange County hereby jointly <br />178 establish a Park Planning Advisory Committee ( "Committee ") for the Property and <br />179 surrounding area. The purpose of the Committee is to develop recommendations for an <br />180 overall plan for the Property and adjoining properties that comprise the Hollow Rock/ <br />181 Erwin Area portion of the New Hope Plan. The plan should include overall recommended <br />182 uses and generalized locations for the proposed uses. The recommendations of the <br />183 Committee will be presented to the public, and approved by the participating governing <br />184 bodies. <br />185 <br />186 A. Membership, The Committee shall consist of eleven (11) members appointed as <br />187 follows: <br />DRAFT 8 -2 -05 WITH DURHAM COUNTY COMMENTS 4 <br />