SKYLAND — Buncombe County government recently bought almost 30 acres for what will be a mostly wild, mountainside park, but it will be at least a year before the public can use it.
The county learned recently that its application for just less than $100,000 in state grant money to build a parking lot and install gates and signs for the park was unsuccessful, said Lucy Crown, county parks planner.
The county Parks, Greenways and Recreation Services Department does not have money in its budget to pay for those improvements itself, she said.
The property is located to the northwest of the St. Andrews section of Brookwood subdivision between Sweeten Creek and Mills Gap roads.
The tract is one of only a small number of wooded, undeveloped larger parcels in the Arden-Skyland area not overtaken by growth.
Robert and RaeAnn Collier bought the land in 1969 as a place for their 10 children to play.
Their children are all adults now and the Colliers sold the property to the county late last month for $300,000 a substantial discount from its appraised value of $561,162 so others can enjoy it.
The county plans a 15-space parking lot on Rhododendron Drive in the Royal Pines area and pedestrian access in Brookwood.
Most of the property on the southeast slope of Brown Mountain would be left as is with the exception of signs along the roughly 2.5 miles of hiking trails on the tract, also to be paid for with grant funds.
The countys application for state Parks and Recreation Trust Fund money failed in large part because the county does not have a formal master plan for the property, Crown said. She will draw one up between now and the beginning of the next window to apply for money from the trust fund early next year.
Not getting the money is a bit of a setback, but well be OK, she said.
Members of the state General Assembly have, however, discussed cuts to the fund, so it is uncertain how much money will be in it when Buncombe County applies again.
Nearby resident Catherine Fay said she is disappointed the grant money did not come through, but encouraged that the property is now in county hands.
Thats the best news and the other things that we need to have happen will come in time, she said. I just hope we can find the money somewhere.
Money Pros: Pay off credit cards first, before tackling a home equity loan - New York Daily News
The Money Pros are standing by to take your questions.
Q. I recently came into some extra money ($5,000) and want to use it to pay off some debts.
I have numerous credit cards, most of them with balances below $500, but they have high APRs.
I also have a home equity loan of just below $12,000 with an APR of 4.75%. It has three and a half years left on it. My payment for that loan is $300 a month.
What do you suggest I use my money for? Do I pay down, or off, the credit cards, or keep paying down the home equity loan?
A. While your home equity loan may be tax deductible, your credit cards are not.
By holding on to them, you are accumulating higher costs for the items you bought. I suspect that your credit cards have a higher rate than the 4.75% you are paying on your home loan. Therefore it is wise to repay the credit cards first.
Within this group, I suggest you retire the debt on some of the cards. Pick the highest rates, pay them off first, and cut the cards up.
No need to close the cards since the rating agency looks at the value of your outstanding debt and your available credit.
If you have money left at the end, begin an emergency fund with the balance.
In the future, try to spend money you have available. By not using credit cards or by paying them off immediately, you will avoid racking up high interest rate charge and gain better control of your finances.
Since you came into an unexpected $5,000, pat yourself on the back and take your loved ones out to dinner to celebrate. Spend no more than $100, while you still have that debt.
Karen Altfest
Karen Altfest is a certified financial planner and a principal advisor at Altfest Personal Wealth Management.
Do you have a question for the Money Pros? Send it to Phyllis Furman at pfurman@nydailynews.com.
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