Fiscal Note
This resolution authorizes funding for Phase 2 of the Cherokee Marsh Conservation Park land acquisition project. Total purchase costs of $709,145 are to be derived from grant funding of $531,858.75 to be secured by the National Heritage Land Trust, Inc., and City funding of $177,286.25. An estimated $180,000 will be utilized from the City’s fee in lieu of dedication fund (Impact Fee Fund si32) for land acquisition and various closing costs.
Title
Authorizing the Mayor and City Clerk to enter into a Purchase Agreement with the Natural Heritage Land Trust, Inc. for Phase 2 of the City’s acquisition of lands for the planned expansion of the Cherokee Marsh Conservation Park and amending the 2008 Parks Capital Budget to authorize the expenditure of $180,000 for this acquisition.
Body
PREAMBLE
On March 6, 2007, Cherokee Park, Inc. (“Cherokee”) and the City entered into a Memorandum of Understanding (“MOU”) providing for the City’s phased acquisition of open space protection areas for the expansion of the Cherokee Marsh Conservation Park through the purchase of up to 39 upland acres and 239 wetland acres. The MOU provides that the acquisitions will occur in two phases and will include a mix of fee simple acquisition and purchase of open space easements. The second acquisition phase is comprised of approximately 236 acres legally described on Exhibit A and more particularly depicted on Exhibit B attached hereto and made a part hereof (the "Phase 2 Property").
The Natural Heritage Land Trust, Inc. (the “NHLT”) has entered into a Purchase Agreement with Cherokee, dated January 15, 2008 (the “Cherokee/NHLT Agreement”), whereby Cherokee has agreed to sell and NHLT has agreed to purchase the Phase 2 Property and whereby NHLT has agreed to subsequently transfer the Phase 2 Property to the City.
NHLT, in partnership with the City, has applied for certain grant funding for the acquisition of the Phase 2 Property. The combined purchase price and project cos...
Click here for full text