Agenda - 11-19-2002-6c - Laserfiche WebLink

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2 On November 12th, the Carrboro Board of Aldermen discussed the County's questions and submitted a response (Attachment 2). Additional questions asked of County staff are provided in a memo (Attachment 3). As noted on November 11th, timing is a factor for the Town, as the Clean Water Management Trust Fund will be considering the Town's grant application on December 10th. Staff has confirmed with the Clean Water Trust Fund staff that a response on matching funds by December 3rd will be sufficient. FINANCIAL IMPACT: There are no financial impacts associated with the special presentation. However, there would be financial impacts if the County participated in the acquisition. The property has recently been appraised at $1.35 million. The owners previous asking price (prior to the recent appraisal) was $2.0 million. The Town's grant application to the Clean Water Management Trust Fund requested $958,050. The differential between the appraisal and the grant request is $391,950 (the differential between the previous asking price and the grant application is $1,041,950). If the Board chooses to participate in the acquisition, there are many alternative methods that could be selected. It should be noted that the BOCC-approved sale of 2001 bonds scheduled for March 2003 includes $400,000 for greenway development. Three of these methods would be: 1. In keeping with such conditions as the Board may wish to apply to the County's involvement, agree to appropriate $400,000 in this fiscal year (from the 2001 bond - greenways), and up to $350,000 in future years toward the acquisition. 2. In keeping with such conditions as the Board may wish to apply to County involvement, agree to appropriate $400,000 (and/or up to $750,000 over a period of years) toward the purchase price, with the amount prorated (based on the percentage of expected use) from the 2001 bond (a portion from the greenways project, and a portion from the Lands Legacy Fund). The Town could be asked to match/repay the amount from the Lands Legacy Fund. The actual proportions of use would need to be determined. 3. In keeping with such conditions as the Board may wish to apply to County involvement, appropriate up to $750,000 in either of the above two methods, asking that the Town of Carrboro provide matching funds to reimburse the County over a period of five fiscal years. There are also other potential means of addressing the County's financial involvement. RECOMMENDATION(S): The Manager recommends that the Board receive the special presentation, receive public comment, and discuss whether to participate financially in the acquisition -including potential terms or conditions of County involvement (such as conservation easements or matching funds). If the Board decides to consider participation in the project, an action item could be scheduled for December 2"d Board consideration.