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Conclusions ,. Acquisition of the 90 eastern-most acres could <br />accommodate a site with two access points (US 70 and <br />Wrenn Road), up to 4 playing fields, a pond, and potential <br />hiking trails. According to the owners, the remainder of the <br />tract would likely be developed for large-lot residential <br />purposes. <br />Eno Township contains approximately 6,000 residents. <br />` ~ 'There are no community or district parks in this area, <br />,' -~ although the Eno River State Park provides a larger, <br />~` regional park context. The location of the site between two <br />major roadways and with few adjoining homes along the <br />potential playing fields might simplify area acceptability of <br />.lighted fields. <br />Since the most likely use of the property would be as a <br />park with active and low-impact recreation, parks bond <br />acquisition money would be one source of funding ($2.89 <br />million remaining), along with payment-in-lieu funds. <br />Approximately $149,000 is available in the Chapel Hill <br />payment-in-lieu district (of which this is part). <br />The likely cost of acquisition for the entire site, using the <br />` asking price of $7,500-8,000/acre as a starting point, <br />would be $1.98 to $2.11 million. Purchase of the 90-acre <br />eastern area would equate to $675,000 to $720,000. <br />However, our preliminary research into area land sales <br />indicates that this site should command more on the order <br />of $6,000 to $7,000 per acre. <br />The County Engineer has determined that the pond <br />impoundment will need to be breached or repaired, <br />although there. is no immediate failure of the dam <br />apparent, or any adjacent structures or homes that would <br />be flooded. <br />_ ' In terms of timeframe and intent, the new owners have <br />.asked for an indication of the County's interest in pursuing <br />a possible acquisition by Friday, October 15. They add that <br />the County is "at the top of the list" if interested in <br />. acquisition of all or part of the property, and that they <br />prefer a County park or open space as long-term use of the <br />site. They have expressed understanding that it may take <br />time for the County to move on this, and are willing to wait <br />(but only for a few months) if the County conveys its <br />interest now in pursuing a possible purchase. <br />