Agenda - 05-16-2000-8b - Laserfiche WebLink

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appraisals. Counting the approved grant funds and commitments from TLC/ERA, the County's actual final cost will be considerably less - $89,028 (or $656/acre). All necessary appraisals and surveys of the property havE been completed. Once the properly is purchased, it would be administered jointly by Orange and Durham Counties. An inter-local agreement will be developed to have Orange County take the lead in managing the park (Durham County does not have a Recreation and Parks Department). A joint committee has been proposed to develop initial plans on use for the park/natural area. Concurrently, TLC and ERA are continuing to work with the owners of an adjacent 179-acre property toward conservation easements that could maintain a portion of that property in open space, as well. A budget amendment will be prepared in advance of the property closing which accounts for the grants received and the County's share of funding. .FINANCIAL IMPACT: The County's portion of the parkland purchase will be $367,978. This includes the option payment and the County's portion of surveys, appraisal, environmental assessment, and closing costs: With grant moneys from the two state trust funds, and the fund- raising commitments of TLC and ERA, the County's final cost would be $89,028. At the time of closing; to occur no later than October 31, 2000, the County would pay $256,086 ($343,586 including $87,500 from the Parks and Recreation Trust Fund. The Clean Water grant and TLC/ERA fund-raising contributions would not be available until after October 31 and would be a reimbursement to the County). The recommended funding sources for the purchase are $156,086 up front ($44,514 after all funds received) from the 1997 parkland acquisition bonds ($2.89 million remaining), and $100,000 up front ($44,514 after all funds received) from the recreatioh and open space payment-in-lieu funds ($102,000+ currently available). RECOMMENDATION(S): The Manager recommends that the Board exercise the option to purchase this property, with a closing to ,occur on or before October 31, 2000. A budget amendment will be prepared for the September 19 Board meeting, for the purposes of accepting the grants and completing the payment arrangements at the time of closing. The Manager also recommends that the Board authorize ERCD and Recreation and Parks staff to work with Durham County to develop a draft inter-local agreement for park management and use, for the Board's review and decision on September 19 (prior to the October 31 closing).