FOR IMMEDIATE RELEASE                                               January 25, 2001

CARY, NC – The Town of Cary has closed the deal on a 51.62-acre track of land that will be used for a new community park for southern Cary. Located southwest of the Penny Road/Holly Springs Road Intersection, the land was donated in December to North Carolina State University Foundation and then purchased by Cary from the Foundation for $1.5 million. The deal included a unique "life estate" provision which will enable the land donor to continue residing on the property for as long as he chooses to stay there.

"Acquiring this land not only fits in with the goals of the Town’s adopted Parks Master Plan, it ties in directly to the Town Council’s goal to preserve and protect our natural resources, particularly open space," said Town of Cary Parks, Recreation & Cultural Resources Director Mary Barry. "I think it’s fair to say that our purchasing this land for a park helps limit the intensity of development in the area."

The parkland is currently outside Cary’s corporate limits but will be annexed in accordance with the master planning process for the property set to begin later this year.

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