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5 <br />Planned County Funding Timetable - ]oint Town/County Open Space <br />(based on current CIP/Financing Schedule) <br />Carrboro's request - $750,000 <br />** -These are funds for both Chanel Hill and Carrboro greenways, with the intention that <br />greenways would tie into County open space network. <br />It is not known whether the owners would be willing to set up an installment <br />purchase of the property, but such an arrangement may help address future <br />Town and County funding streams. The Town's current plan is to acquire an <br />option on the property. The option will require payment of an 'earnest" amount <br />(which normally becomes part of the purchase if pursued, or is foregone if not <br />pursued). The option agreement would fix a purchase price for the property. <br />One Possible Scenario for Participation <br />There are a number of different issues that the Board has identified related to <br />this potential joint venture, including: <br />- Is a decision on the County's financial participation needed at this time? <br />- Should any County funds be required to be matched by the Town? Should the <br />match be required over time? Is this true of 2001 bond funds? <br />- Where will the other funds come from for the total purchase price? <br />- With a $200,000 Clean Water grant, how much of a local government match <br />is required at this time? <br />- Should the funding sources be tied to the proportional use of the property <br />(i.e., greenways money to low-impact recreation areas, other funds to °open <br />space" or lands left undisturbed)? <br />- Who will own the property, and what mechanisms can be instituted to ensure <br />that future use of the Adams tract is consistent with the uses outlined at this <br />time and the County's conditions of participation? <br />One of the questions that arose on November 19th regarded ensuring that future <br />use of the property is consistent with the vision of uses currently expressed <br />(greenways, open space, water quality and natural resource protection). <br />•~- ~, <br />FY 2002-03 <br />$400 000 <br />FY 2003-04 $200,000 <br />FY 2004-05 $575 000 <br />FY 2005-06 $575 000 <br />TOTAL $1,750 000 <br />3 <br />