Open Space Preservation Fund. The remaining forty percent (40%) of the annual NVCT Funding appropriated at budget adoption by the County Board for NVCT shall be allocated solely to fund open space acquisition / preservation costs (“Open Space Preservation Fund”), for the acquisition, pursuant to this Agreement, of fee simple interests, easements, restrictive covenants, conservation easements, and other interests in real property located within the geographical boundaries of Arlington County whose acquisition is consistent with implementation of both the PSMP and DPR-identified County public spaces acquisition priorities and objectives, and/or DPR-identified County natural resources conservation and management priorities and objectives (“Eligible Preservation Acquisition”). Costs eligible for such Open Space Preservation funding shall be limited to the purchase price, if any, actual costs of any necessary third party professional pre-acquisition due diligence (third-party vendor appraisals, title searches, title binders, land surveys, environmental surveys, legal document preparation, and other legal services approved by the Director of DPR), and standard settlement costs and fees. Funding allocated but not used for Eligible Preservation Acquisitions during a fiscal year may be considered for carry over in the County Manager’s proposal for appropriating carry over funds from the prior fiscal year. Once an opportunity for a potential Eligible Preservation Acquisition has been identified by NVCT, and has been approved by the Director of DPR as an Eligible Acquisition, NVCT, upon presentation of an invoice to the County, shall be eligible to receive pre- closing disbursements from the Open Space Preservation Fund for any required deposit, and the costs of any necessary pre-acquisition due diligence (limited to title search, title binder, land survey, environmental survey, appraisal, legal document preparation, and other legal services approved by the Director of DPR). Upon receipt by the County from NVCT of a final signed acquisition Settlement Statement, and approval of the final Settlement Statement by the Director of DPR in consultation with the County’s Real Estate Bureau and Department of Management and Finance, the County shall disburse, to a Settlement Agent designated by NVCT, an amount up to the total available funds from the Open Space Preservation Fund necessary to complete closing of the Eligible Preservation Acquisition.
