HomeMy WebLinkAboutAgenda - 04-29-2002 - 3a2 Preparotl 321102
ESTIMATED GREENE TRACT REIMBURSEMENT AMOUNTS
Under the intedocal "Agreement for Solid Waste Management', the term
"Reimbursement Amount' is defined as follows:
y1) in the case of disposition to a North Caroline local government that is also a Partn
so long as that government devotes the transferred Gordon to public partners, (a)
S6(M,8l being the original purchase price of the Greene Tract, nethemied (b) by a
/recline, the remember of which is the number of whole acres of the Greene Tract being
disposed and the denominator of which is 169, plus (c) uncompounded interest on the
product of(a) and (bJ at the annual rate d 6.00% mere Modest 30, 1984 to the eflectiva
date of any disposition, and(2) in the case of any other disposition, the greater at either
(e) the Relmburaement Amount to a North CaroNna local government that Is also a
Party, or(b) the net proceeds of a sale after the costs of the aale are jaki
Asau ming a March 30, 2002 disposition date, the note reimbursement amount
would be approximately:
Ori final Purchase Price $608,843
Annual Interestat Mcom ounded 36,529
Total Interest 18 ears 657529
Total Reimbursement Amount $1,266,352.
The respective shares of the local governments in making reimbursements to the
Solid Waste/Landfill Operations Enterprise Fund would be approximately:
Entire Greene Treat 169 acres $1,266,352
Oren eCOUnt doeded portion 60 acres $449, 92
Oran eCOUnt interest in remainder 43%af 109 acres $351,207
Ghn al HIII interest in remainder _ 43%of 109 acres__ $351,207
Canband interest in remainder 14°7o cf 709 acres $114.34fi
In the case of a hypothetical donation by the three governing boards of 10 acres
to Habitat for Humanity, the resulting shares of the cost of reimbursing the Solid
Wasted-andtill Operotions Enterprise Fund would be approximately:
tire Greene Tract 169 acres
Habitat deeded portion 10 acres $74,932
Orange County share 43% of donation $32221
( Chapel Hill share 43% of donation __ _ $32,221 (
Garrbore share 14% of donation $10490