Agenda - 09-02-2003-5b - Laserfiche WebLink

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2 the cost to $83,700 by making the final two installments prior to December 31, 2003. This expedited transaction would avoid $5,475 in interest that would accrue under the previous arrangement, and allow TLC to receive grant funding reimbursement more quickly. By purchasing a conservation easement on all 64 acres at this revised price, the County's cost for the easement will be $1,308/acre. The conservation easement (a draft is attached) would be executed subsequent to the final installment payment for the property (payment to occur by December 31, 2003, based on the expedited scenario). At that time, staff would bring back the final conservation easement for official approval and subsequent recordation with the deed. Because of the sensitive Natural Heritage site within the property and the lack of public road access (there is access via private roads), staff and TLC propose to provide periodic guided walking tours of the property. FINANCIAL IMPACT: TLC will convey a conservation easement to the County on both of the properties, totaling 64 acres. Since TLC is purchasing the property through installment payments, the easement conveyance would not occur until the last payment occurs. As noted above, staff proposes expediting the payment of the County's portion prior to December 31, 2003, in order to avoid $5,475 in interest that was included in the original $89,175 County portion. The County's portion of the purchase (the price for the conservation easement purchase) under the revised/expedited scenario is $83,700 (or $1,308/acre). Funding exists for this purchase in the Lands Legacy Opportunities (Pay-as-you-Go) Fund. A capital project ordinance will be presented at a subsequent meeting for this purchase. Once the resolution is approved, and the County's payment made, the easement will be finalized and brought for Board approval. The attached resolution stipulates that the funds transfer is contingent on the receipt of the conservation easement to be executed by the County and TLC after final installment payment. RECOMMENDATION(S): The Manager recommends that the Board approve the resolution and authorize the County Attorney and staff to purchase the conservation easement on 64 acres owned by Triangle Land Conservancy at a cost of $83,700, with the expedited transfer of funds prior to December 31, 2003, as outlined above. The final easement would be submitted for official Board approval in early 2004.