HomeMy WebLinkAboutAgenda - 09-02-2010 - 4goRD- a~IO- ngl
ORANGE COUNTY
BOARD OF COUNTY COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: September 2, 2010
Action Agenda
Item No. ~- - q
SUBJECT: Transaction Costs and Budget Amendment #2-C for Underwood Conservation
Easement Donation
DEPARTMENT: Environment, Agriculture, Parks PUBLIC HEARING: (Y/N) No
and Recreation
ATTACHMENTS INFORMATION CONTACT:
David Stancil, 245-2510
Rich Shaw, 245-2514
John Roberts, 245-2318
PURPOSE: To consider authorizing a $620 increase in County funds used to acquire a
permanent conservation easement on the Underwood property.
BACKGROUND: In June 2009 the Board authorized Orange County's acceptance of a
permanent conservation easement on a portion of the Underwood property in Little River
Township. The easement was donated by Ms. Barbara Underwood to protect a natural
resource area located immediately upstream from the South Fork Little River.
The completion and recording of the conservation easement was delayed until July 2010 due
to a title defect that was discovered during the title search process prior to closing. ,
Considerable time and effort. was needed by the County's closing attorney and the ~~
landowner's attorney to remedy that situation. As a result, the transaction costs for the
County's acceptance of the easement was $620 more than the $2,000 authorized by the
Board in June 2009.
FINANCIAL IMPACT: The County would pay an additional $620 to cover the actual
transaction costs needed to acquire the conservation easement. Those funds would come
from existing funds budgeted from the $3.0 million in alternative financing (Lands Legacy
Conservation Easement Fund) approved by the Board of Commissioners in FY 2002-03 and
previously appropriated. The approval of budget amendment # 2-C below will transfer funds
necessary to complete the Underwood Easement transaction.
Budget Amendment #2 - C
Conservation Easements:
Project # 20006
Revenues for this project:
Through FY
2009-10 FY 2010-11
Amendment FY 2010-11
Revised
Sales Tax & Dedicated
Pro a Tax $350,000 $350,000
Private Placement 2,250,000 2,250,000
Grant Funds 3,400,957 3,400,957
Transfer from Lands Legacy
Ca ital Pro'ect 143,000 143,000
Total Pro'ect Fundin $6,143,957 $6,143,957
Appropriated for this project:
Through FY
2009-10 FY 2010-11
Amendment FY 2010-11
Revised
Walters Easement $725,000 $725,000
Vol a Easement 73,100 73,100
Cheek Easement 580,000 580,000
McPherson Easement 68,000 68,000
Ward Easement 444,750 444,750
Llo d Easement 219,000 219,000
Keith Easement 116,000 116,000
Fickle Creek FarmEasement 277,658 277,658
McKee Easement 612,000 612,000
Latta Easement 601,400 601,400
Tate Easement 333,750 333,750
Lee Farm Easement 306,250 306,250
Breeze Farm Easement 450,000 450,000
Underwood Easement 2,000 $620 2,620
Unallocated 1,335,049 620 1,334,429
Total Land/Buildin $6,143,957 $6,143,957
Total Costs $6,143,957 $0 $6,143,957
RECOMMENDATION: The Manager recommends that the Board authorize an increase of
$620 (from $2,000 to $2,620) in County funds and approve Budget Amendment #2 - C to
acquire a permanent conservation easement on the Underwood property.