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2 <br />At the November 19 special presentation, Carrboro Assistant to the Town Manager Richard <br />White spoke regarding the Town's interest in this acquisition. Five additional persons spoke <br />in support on the acquisition of the Adams Tract. <br />An attached staff memo attempts to collate new information received (both on November 19 <br />and in subsequent conversations), and provides a possible scenario of County involvement. <br />In summary, this memorandum notes the following: <br />- That the Town's $200,000 grant award from the Clean Water Management Trust Fund is <br />tentative, to be finalized on December 10th <br />- The most recent appraisal of the property is $1.35 million <br />- The Joint Town/County Open Space funding in the CIP provides for $400,000 in this <br />fiscal year (2001 bond -first bond sale) <br />- One potential scenario of County involvement could provide matching funds for the Clean <br />water grant ($200,000), plus an additional $200,000 from the current year appropriation, <br />and a "dollar-for-dollar" match of other future Town/other funds, up to $350,000 total. <br />- That the conditions of County involvement could be addressed through 1) a conservation <br />easement ,granted by Carrboro to Orange County and other parties, that prohibits <br />undesired uses, 2) a "Joint Use" Memorandum of Agreement, 3) deed restrictions and 4) <br />resolutions adopted by both boards as to the planned uses of the property. <br />FINANCIAL IMPACT: If the County chooses to participate in this acquisition in the manner <br />outlined in the attached memorandum, the $400,000 appropriated for Town greenways (Joint <br />Town/County open space) in the 2002-03 Fiscal Year would be identified for this project <br />(contingent on the County's conditions of participation). An additional amount, adollar-for- <br />dollar match up to $350,000, would also be identified from the Lands Legacy fund (either <br />2001 bond funds or pay-as-you go funding). The latter amount would require a repayment <br />over time of 50% of the Lands Legacy portion. In this scenario, County funding participation <br />would be conditioned on the completion of a conservation easement by December 31, 2003. <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the scenario <br />outlined in the attached memorandum and agree to participate with the Town of Carrboro <br />(providing a local government match for the Clean Water Management Trust Fund) as <br />outlined in the memorandum, contingent upon the conditions proposed. <br />