HomeMy WebLinkAboutAgenda - 11-07-2024; 8-e - Approval of Additional Closing Costs – Kittrell-McAdoo Tract 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: November 7, 2024
Action Agenda
Item No. 8-e
SUBJECT: Approval of Additional Closing Costs — Kittrell-McAdoo Tract
DEPARTMENT: Environment, Agriculture, Parks
and Recreation (DEAPR)
ATTACHMENT(S): INFORMATION CONTACT:
Location Map David Stancil, 245-2510
Christian Hirni, 245-2514
PURPOSE: To approve an increase in closing funds toward the County's previously approved
purchase of the Kittrell-McAdoo Tract.
BACKGROUND: At the June 4, 2024 Business meeting, the Board approved the purchase of
the Kittrell-McAdoo property. This property is located at the southwest corner of the Dimmocks
Mill Road overpass over 1-40/85, southwest of Hillsborough. The property contains a 1,600-linear
foot section of Rocky Run (a tributary of the Eno River and within the Upper Eno watershed) and
will contain a segment of the Mountains to Sea Trail.
Since the June approval, staff has noted additional costs for a Phase 2 Environmental
Assessment that exceeds the projected closing costs estimate. The projected closing costs on
June 4, 2024 were $12,500. The additional costs will bring the closing cost to approximately
$21,493, an increase of $8,993. It is proposed to increase the budgeted closing costs for the
project by $10,000 to allow for the above costs plus additional recording and title insurance,
bringing the total transactional costs to $22,500.
FINANCIAL IMPACT: The approved purchase of the property was $438,500, based on a property
appraisal, and remains unchanged. Half of the project is being funded by a NC Land and Water
Fund Grant. Projected closing costs at the time of approval increased this amount to $469,260.
The additional closing and transactional costs bring the estimated total at closing to $479,260.
The additional $10,000 in transaction costs is proposed to come from existing funds budgeted
and approved for the Lands Legacy program (Lands Legacy Fund).
The revised County share of funds ($238,000) would come from existing funds budgeted and
approved for the Lands Legacy program (Lands Legacy Fund).
ALIGNMENT WITH STRATEGIC PLAN: This item supports:
• GOAL 1: ENVIRONMENTAL PROTECTION AND CLIMATE ACTION
OBJECTIVE 6. Protect water supply/watersheds.
2
OBJECTIVE 7. Conserve and protect high priority open space, including Natural Heritage
sites, nature preserves, watershed riparian buffers, and prime/threatened farmland.
RECOMMENDATION(S): The Manager recommends that the Board approve the increase of
$10,000 for the transactional costs for the project, bringing the overall County expenditure to
$238,000.
Kittrell/McAdoo Property- Context Map 3
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Tract Information: 0 412.5 825 1,650 2,475 3,300 Feet
Legend
Landowner: Kittrell/McAdoo ORANGE COUNTY Roads
Lat: 36' 03.68"
Long: 79' 08.28" MST Proposed Route
Date: 04/18/2022 +' �� Tract Boundary
Image: 2021 Aerial Photo Streams
Created By: Christian Hirni
Acres: 19.4 Open Space-Other
Department of Environment, 0 County Open Space
Agriculture, Parks&Recreation
Conservation Easements
Tax Parcels