HomeMy WebLinkAboutAgenda - 08-08-1994-X-A 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: August 8, 1994
Agenda Abstract
Item # X-A
SUBJECT: REPORT - PURCHASE OF DEVELOPMENT RIGHTS PROGRAM
DEPARTMENT: Planning PUBLIC HEARING: Yes X No
ATTACHMENTS: INFORMATION CONTACT:
Planning Director X2592
Bond Referendum Calendar
Bond Program Cost Sheets PHONE NUMBERS:
Hillsborough 732-8181
Mebane 227-2031
SEPARATE ENCLOSURE: PDR PROGRAM STUDY Durham 688-7331
Chapel Hill 967-9251
PURPOSE: To receive a report on a proposed Purchase of Development Rights Program for
farmland preservation.
BACKGROUND: On May 19, 1994,the Agricultural Districts Advisory Board met jointly with the Board
of Commissioners to review the status of the Farmland Preservation Program
proposals,including a proposed purchase of development rights (PDR) program. One
point of discussion was the financing of such a program and that it should be limited
to bonds or annual appropriations (pay-as-you-go) or some combination thereof. A
suggested bond amount was$5.0 million for start-up, with some type of continuation
funding for long-term impact.
At its June 28, 1994 meeting, the Board of Commissioners approved a time table for
a bond referendum for this purpose provided by the Bond Attorney.It also authorized
the Clerk to publish a Notice of Intent to apply to the Local Government Commission
for approval of bonds.At the same meeting, the Board of Commissioners set August
10 as the first public hearing for presentation of the PDR proposal and receipt of
citizen comment.A second public hearing is scheduled for September 6.
At its July 20, 1994 meeting, the Agricultural Districts Advisory Board considered a
number of options for financing the PDR program. The Advisory Board voted
unanimously to recommend a combined program of bonds and annual appropriations
(pay-as-you-go). The Advisory Board further recommended that one cent on the tax
rate be earmarked for farmland preservation.The bond amount would$5.0 million for
start-up,with surpluses remaining after debt service payments used for continuation
funding.
The Agricultural Districts Advisory Board will hold a special meeting on July 28 to
consider and prepare a recommendation on the LESA (Land Evaluation and Site
Assessment) system used to rank individual farms and identify acquisition priorities.
2
The recommendation of the Advisory Board will be reported at this meeting. Copies
of the complete PDR study have been distributed separately to the Board of
Commissioners. Copies of financing options considered by the Advisory Board have
been provided as an attachment.
A HISTORICAL PERSPECTIVE
The proposed bond referendum and PDR study have been years in the making. In
May of 1979, the Board of Commissioners established an Agricultural Task Force
comprised of full-time farmers. The Task Force was given the charge to "prepare a
report to the Commissioners on the state of agriculture in Orange County as
supporting information for development of the County's Land Use Plan." The Task
Force responded in 1981, recommending four objectives to provide a basis for
agricultural preservation and rural land use planning. They were as follows:
• The problem of increasing tax burdens on agriculture should be alleviated;
• The occurrence of complaints and nuisance suits against farm operations
should be minimized;
• The negative impacts of proposed public projects on farming operations and
on prime farmland should be minimized; and
• The relocation of farming operations due to non-farm development pressure
should be minimized.
To address these objectives, the Task Force considered several alternatives for
preserving agricultural lands, including purchase of development rights. In response
to the preferences of Task Force members, the proposed agricultural preservation
program recommended to the Board of Commissioners involved the establishment of
agricultural districts based strictly on voluntary measures.
Although Orange County prepared and submitted draft legislation through which to
implement the Task Force recommendations, it was not until 1986 that the N.C.
General Assembly passed enabling legislation which authorized counties to undertake
programs to encourage the preservation of farmland.
In 1987, the Board of Commissioners appointed an Agricultural Districts Advisory
Board for Orange County. The Advisory Board immediately set about the task of
drafting a local ordinance to implement the provisions contained in the enabling
legislation,and, in mid-1988,produced a draft ordinance as well as recommendations
for addition farmland preservation efforts. Among them were the following:
• Adopt policies for purchase of development rights in agricultural districts upon
the request of the farmer;
• Set up provisions for donation of and lease of development rights under the
policies;
• Request funds for the purchase of development rights on agricultural lands
and natural areas in the county; and
3
• Recommend that Orange County adopt the Land Evaluation and Site
Assessment (LESA) point system as a means of determining where
agricultural districts and purchase of development rights will be pursued.
At its annual goal-setting retreat in December, 1989,the work of the first Agricultural
Districts Advisory Board as well as the Rural Character Study Committee prompted
the Board of Commissioners to establish a goal of developing a proposal for a purchase
of development rights program. In August, 1990, the Board of Commissioners
reconstituted the Agricultural Districts Advisory Board and charged it with developing
a purchase of development rights (PDR) program for Orange County. One month
later, the Advisory Board initiated its work, and, in June of 1991, presented a status
report to the Board of Commissioners on the proposal.
Following receipt of the report,the Board of Commissioners asked the Advisory Board
to include additional site criteria in the system of ranking farmland and to prepare a
Farmland Preservation Ordinance.
A PURCHASE OF DEVELOPMENT RIGHTS PROPOSAL
A common thread linking the efforts of elected officials and representatives of various
advisory boards,task forces,and study committees has been a desire to preserve the
rural character of the county and support for developing a purchase of development
rights proposal. As the Agricultural Districts Advisory Board initiated work on a
proposal,it focused on the successful program implemented by Forsyth County. Since
the first purchases in 1987, Forsyth County had acquired development rights on 22
farms with a total of 1,303 acres.The County acquired these rights through purchases
and leases for a total of$1.97 million or an average of approximately$1,509 per acre.
As Forsyth County had done, the Agricultural Districts Advisory Board started with
the most basic question - how does one go about deciding which farms should have
priority in terms of the purchase of development rights? After considering several
options, the Advisory Board elected to use the Soil Conservation Service's LESA
system for farmland evaluation.
The LESA system refers to the Land Evaluation and Site Assessment system
developed by the Soil Conservation Service in the mid-1980's. The two-part system
for evaluating farmland has been used extensively and focuses on the quality or
productivity of a given site; e.g.,land evaluation,and its continued economic viability;
e.g.,site assessment.The Soil Conservation Service has produced a guidebook for use
in preparing a local LESA system, and, upon completion, the system can be used to
assign priorities in acquiring development rights. The major advantage of such a
system is that the most productive and economically viable farmlands are preserved
for future generations. Other benefits include the use of the system in identifying
important farmlands and potential agricultural districts, and preparing and updating
comprehensive land use plans.
Given these benefits, the Agricultural Districts Advisory Board elected to develop a
proposal in two parts. The first part; e.g., the LESA system, views a"farm" as more
than a farm and provides a method for ranking the significance of any site:
4
• Asa farm;
• As a site characterized by significant natural,scenic,and/or historic resources;
or
• As the "best of everything".
The second part represents the"nuts and bolts" of a purchase of development rights
program, with particular emphasis on administration and funding options. The
proposal is in the format of a series of questions and answers to assist the citizen in
understanding how such a program would operate. Combined, the two parts provide
the basis for identifying priorities, funding them,and administering a program which
achieves the goal established by the Board of Commissioners.
RECOMMENDATION: The Administration recommends that the Board receive the report and
recommendations of the Agricultural Districts Advisory Board.
5
FARMLAND PRESERVATION BOND REFERENDUM CALENDAR
August 10 Publication of Notice of Intent
August 10 Holding of public hearing to receive citizen comment on proposed Purchase of
Development Rights Program.
August 23 Last day for receipt of written notice from the Local Government Commission that the
County's application for approval of bonds has been filed and accepted for submission
to the Commission
August 23 Introduction of bond order by Board of Commissioners at a regular meeting
August 31 Publication of bond order as introduced and notice of public hearing
September 6 Holding of public hearing, adoption of bond order, and passage of referendum
resolution by Board of Commissioners at a regular meeting
September 14 Publication of bond order as adopted
September 14 Publication of notice of referendum and September 23
September 19 Absentee ballots to be available
October 10 Last day for registration
November 8 Referendum
November 10 Canvassing of referendum returns by County Board of Elections
November 22 Declaration of result of referendum by Board of Commissioners at a regular meeting
November 30 Publication of statement of result of referendum
1
IMPACT OF ONE CENT TAX INCREASE
CALCULATION OF $5.0 MILLION PDR PROGRAM COST
FINANCING WITH BONDS SALES OF $2.0 MILLION PER ANNUM FOR FIRST TWO YEARS AND $1.0 MILLION THE LAST
AND PAY-AS-YOU-GO FUNDS
Assessed Tax Rate Surplus for Annual
Valuation Increase for Pay-As New Home Cost to New
Annual Annual Annual Growth Debt Service Overall Revenue You-Go Appreciatior Home of
Fiscal Principal Interest Debt Service @ 25% Payment Tax Rate from after @ 25% $.01 PDR
Year Balance Payment Payment Payment Per Annum Only Impact $.O1 Tax Debt Service Per Annum Program
93-94 N/A N/A N/A N/A $4,408,709,951 N/A $0.83600 N/A N/A $170,000 N/A
94-95 $2,000,000 $100,000 $130,000 $230,000 $4,518,927,700 $0.00519 $0.84119 $451,893 $221,893 $174,250 $17.43
95-96 $3,900,000 $200,000 $253,500 $453,500 $4,631,900,892 $0.00999 80.84599 $463,190 $9,690 $178,606 $17.86
96-97 $4,700,000 $250,000 $305,500 $555,500 $4,747,698,415 $0.01194 $0.84794 $474,770 ($80,730) $183,071 $18.31
97-98 $4,450,000 $250,000 $289,250 $539,250 $4,866,390,875 $0.01131 80.84731 $486,639 ($52,611) $187,648 $18.76
98-99 $4,200,000 $250,000 $273,000 $523,000 $4,988,050,647 8001070 $0.84670 $498,805 ($24,195) $192,339 $1923
99-00 $3,950,000 $250,000 $256,750 $506,750 $5,112,751,913 $0.01011 $0.84611 $511,275 $4,525 $197,148 $19.71
00-01 $3,700,000 $250,000 $240,500 $490,500 $5,240,570,711 $0.00955 $0.84555 $524,057 $33,557 $202,077 820,21
01-02 $3,450,000 $250,000 $224,250 $474,250 $5,371,584,979 80.00901 80.84501 $537,158 $62,908 $207,128 $20.71
02-03 $3,200,000 $250,000 $208,000 $458,000 $5,505,874,603 80.00849 $0.84449 $550,587 $92,587 $212,307 $2123
03-04 $2,950,000 $250,000 $191,750 $441,750 $5,643,521,468 80.00799 $0.84399 $564,352 $122,602 $217,614 $21.76
04-05 $2,700,000 $250,000 $175,500 $425,500 $5,784,609,505 $0.00751 $0.84351 $578,461 $152,961 $223,055 $22.31
05-06 $2,450,000 $250,000 $159,250 $409,250 $5,929,224,742 $0.00704 $0.84304 $592,922 $183,672 $228,631 $22.86
06-07 $2,200,000 $250,000 $143,000 $393,000 $6,077,455,361 $0.00660 $0.84260 $607,746 $214,746 $234,347 $23.43
07-08 $1,950,000 $250,000 $126,750 $376,750 $6,229,391,745 $0.00617 $0.84217 $622,939 $246,189 $240,206 824.02
08-09 $1,700,000 $250,000 $110,500 $360,500 $6,385,126,539 $0.00576 $0.84176 $638,513 $278,013 $246,211 $24.62
09-10 $1,450,000 $250,000 $94,250 $344,250 $6,544,754,702 $0.00537 $0.84137 $654,475 $310,225 $252,366 $2524
10-11 $1,200,000 $250,000 $52,000 $302,000 $6,708,373,570 $0.00459 $0.84059 $670,837 $368,837 $258,675 $25.87
11-12 $950,000 $250,000 $61,750 $311,750 $6,876,082,909 $0.00463 $0.84063 $687,608 $375,858 $265,142 $26.51
12-13 $700,000 $250,000 $32,500 $282,500 $7,047,984,982 $0.00409 $0.84009 $704,798 $422,298 $271,771 $27.18
13-14 $450,000 $250,000 $29,250 $279,250 $7,224,184,606 $0.00394 $0.83994 $722,418 $443,168 $278,565 $27.86
14-15 $200,000 $150,000 $13,000 $163,000 $7,404,789,221 $0.00225 $0.83825 $740,479 $577,479 $285,529 $28.55
15-16 $50,000 $50,000 $3,250 $53,250 $7,589,908,952 $0.00072 $0.83672 $758,991 $705,741 $292,667 $2927
16-17 $0 $0 $0 $0 $7,779,656,676 $0.00000 $0.83600 $777,966 $777,966 $299,984 83000
17-18 $0_ $0 $0 $0 $7,974,148,093 $0.00000 $0.83600 $797,415 $797,415 $307,483 $30.75
Totals $5,000,000 $3,373,500 $8,373,500 N/A N/A N/A N/A $6,244,796 N/A $563.68
Averages $208,333_ $140,563 $348,896 $6,274,653,073 $0.00637 $0.87721 $609,096 $260,200 $241,951 $23.49
m
IMPACT OF ONE CENT TAX INCREASE
CALCULATION OF $5.0 MILLION PDR PROGRAM COST
FINANCING WITH BONDS SALES OF $ 15 MILLION PER ANNUM FOR FIRST TWO YEARS AND $2.0 MILLION THE LAST
AND PAY-AS-YOU-GO FUNDS
Assessed Tax Rate Surplus for Annual
Valuation Increase for Pay-As New Home Cost to New
Annual Annual Annual Growth Debt Service Overall Revenue You-Go Appreciation Home of
Fiscal Principal Interest Debt Service @ 2.5% Payment Tax Rate from after @ 2.5% $.01 PDR
Year Balance Payment Payment Payment Per Annum Only Impact $.01 Tax Debt Service Per Annum Program
93-94 N/A N/A N/A N/A $4,408,709,951 N/A $0.83600 N/A N/A $170,000 N/A
94-95 $1,500,000 $75000 $97,500 $172,500 $4,518,927,700 $0.00390 $0.83990 $451,893 $279,393 $174,250 $17.43
95-96 $2,925,000 $150,000 $190,125 $340,125 $4,631,900,892 $0.00749 $0.84349 $463,190 $123,065 $178,606 $17.86
96-97 $4,775,000 $250,000 $310,375 $560,375 $4,747,698,415 $0.01204 $0.84804 $474,770 ($85,605) $183,071 $1831
97-98 $4,525,000 $250,000 $294,125 $544,125 $4,866,390,875 $0.01141 $0.84741 $486,639 ($57,486) $187,648 $18.76
98-99 $4,275,000 $250,000 $277,875 $527,875 $4,988,050,647 $0.01080 $0.84680 $498,805 ($29,070) $192,339 $19.23
99-00 $4,025,000 $250,000 $261,625 $511,625 $5,112,751,913 $0.01021 $0.84621 $511,275 ($350) $197,148 $19.71
00-01 $3,775,000 $250,000 $245,375 $495,375 $5,240,570,711 $0.00965 $0.84565 $524,057 $28,682 $202,077 $2021
01-02 $3,525,000 $250,000 $229,125 $479,125 $5,371,584,979 $0.00910 $0.84510 $537,158 $58,033 $207,128 $20.71
02-03 $3,275,000. $250,000 $212,875 $462,875 $5,505,874,603 $0.00858 $0.84458 $550,587 $87,712 $212,307 $2123
03-04 $3,025,000 $250,000 $196,625 $446,625 $5,643,521,468 $0.00808 $0.84408 $564,352 $117,727 $217,614 $21.76
04-05 $2,775,000 $250,000 $180,375 $430,375 $5,784,609,505 $0.00759 $0.84359 $578,461 $148,086 $223,055 $2231
05-06 $2,525,000 $250,000 $164,125 $414,125 $5,929,224,742 $0.00713 $0.84313 $592,922 $178,797 $228,631 $22.86
06-07 $2,275,000 $250,000 $147,875 $397,875 $6,077,455,361 $0.00668 $0.84268 $607,746 $209,871 $234,347 $23.43
07-08 $2,025,000 $250,000 $131,625 $381,625 $6,229,391,745 $0.00625 $0.84225 $622,939 $241,314 $240,206 $24.02
08-09 $1,775,000 $250,000 $115,375 $365,375 $6,385,126,539 $0.00584 $0.84184 $638,513 $273,138 $246,211 $24.62
09-10 $1,525,000 $250,000 $99,125 $349,125 $6,544,754,702 $0.00544 $0.84144 $654,475 $305,350 $252,366 $2524
10-11 $1,275,000 $250,000 $63,375 $313,375 $6,708,373,570 $0.00477 $0..84077 $670,837 $357,462 $258,675 $25.87
11-12 $1,025,000 $250,000 $66,625 $316,625 $6,876,082,909 $0.00470 $0.84070 $687,608 $370,983 $265,142 $26.51
12-13 $775,000 $250,000 $40,625 $290,625 $7,Q47,984,982 $0.00421 $0.84021 $704,798 $414,173 $271,771 $27.18
13-14 $525,000 $250,000 $34,125 $284,125 $7,224,184,606 $0.00401 $0.84001 $722,418 $438,293 $278,565 $27.86
14-15 $275,000 $175,000 $17,875 $192,875 $7,404,789,221 $0.00266 $0.83866 $740,479 $547,604 $285,529 $2855
15-16 $100,000 $100,000 $6,500 $106,500 $7,589,908,952 $0.00143 $0.83743 $758,991 $652,491 $292,667 $2927
16-17 $0 $0 $0 $0 $7,779,656,676 $0.00000 $0.83600 $777,966 $777,966 $299,984 $30.00
17-18 $0 $0 $0 $0 $7,974,148,093 $0.00000 $0.83600 $797,415 $797,415 $307,483 $30.75
Totals $5,000,000 $3,383,250 $8,383,250 N/A N/A N/A N/A $6,235,046 N/A $563.68
Averages $208,333_ $140,969_ $349,302 $6,274,653,073 $0.00633 $0.87717 $609,096 $259,794 $241,951 $23.49
IMPACT OF ONE CENT TAX INCREASE
CALCULATION OF $5.0 MILLION PDR PROGRAM COST
FINANCING WITH BONDS SALES OF $25 MILLION PER ANNUM FOR TWO YEARS
AND PAY-AS-YOU-GO FUNDS
Assessed Tax Rate Surplus for Annual
Valuation Increase for Pay-As New Home Cost to New
Annual Annual Annual Growth Debt Service Overall Revenue You-Go Appreciatiot Home of
Fiscal Principal Interest Debt Service @ 25% Payment Tax Rate from after @ 25% $.01 PDR
Year Balance Payment Payment Payment _ Per Annum Only Impact 5.01 Tax Debt Service Per Annum Program
93-94 N/A N/A N/A N/A $4,408,709,951 N/A $0.83600 N/A N/A $170,000 N/A
94-95 $2,500,000 $125,000 $162,500 $287,500 $4,518,927,700 $0.00649 $0.84249 $451,893 $164,393 $174,250 $17.43
95-96 $4,875,000 $250,000 $316,875 $566,875 $4,631,900,892 $0.01249 $0.84849 $463,190 ($103,685) $178,606 $17.86
96-97 $4,625,000 $250,000 $300,625 $550,625 $4,747,698,415 $0.01183 $0.84783 $474,770 ($75,855) $183,071 $1831
97-98 $4,375,000 $250,000 $284,375 $534,375 $4,866,390,875 $0.01121 50.84721 $486,639 ($47,736) $187,648 $18.76
98-99 $4,125,000 $250,000 $268,125 $518,125 $4,988,050,647 $0.01060 $0.84660 $498,805 ($19,320) $192,339 $1923
99-00 $3,875,000 $250,000 $251,875 $501,875 $5,112,751,913 $0.01002 $0.84602 $511,275 $9,400 $197,148 $19.71
00-01 $3,625,000 $250,000 $235,625 $485,625 $5,240,570,711 5000946 $0.84546 $524,057 $38,432 $202,077 $2021
01-02 $3,375,000 $250,000 $219,375 $469,375 $5,371,584,979 $0.00892 $0.84492 $537,158 $67,783 $207,128 $20.71
02-03 $3,125,000 $250,000 $203,125 $453,125 $5,505,874,603 50.00840 $0.84440 5550,587 $97462 $212,307 $2123
03-04 $2,875,000 $250,000 $186,875 $436,875 $5,643,521,468 $0.00790 $0.84390 $564,352 $127,477 $217,614 $21.76
04-05 $2,625,000 $250,000 $170,625 $420,625 $5,784,609,505 5000742 $0.84342 $578,461 $157,836 $223,055 $2231
05-06 $2,375,000 $250,000 $154,375 $404,375 $5,929,224,742 $0.00696 $0.84296 $592,922 $188,547 $228,631 $22.86
06-07 $2,125,000 $250,000 $138,125 $388,125 $6,077,455,361 $0.00652 $0.84252 $607,746 $219,621 $234,347 $23.43
07-08 $1,875,000 $250,000 $121,875 $371,875 $6,229,391,745 $0.00609 50.84209 $622,939 $251,064 $240,206 $241)2
08-09 $1,625,000 $250,000 $105,625 $355,625 $6,385,126,539 $0.00568 $0.84168 $638,513 $282,888 $246,211 $24.62
09-10 $1,375,000 $250,000 $89,375 $339,375 $6,544,754,702 $0.00529 $0.84129 $654,475 $315,100 $252,366 $2524
10-11 $1,125,000 $250,000 $40,625 $290,625 $6,708,373,570 $0.00442 $0.84042 $670,837 $380,212 $258,675 $25.87
11-12 $875,000 $250,000 $56,875 $306,875 $6,876,082,909 $0.00455 50.84055 $687,608 $380,733 $265,142 $26.51
12-13 $625,000 $250,000 $24,375 $274,375 $7,047,984,982 50.00397 $0.83997 $704,798 $430,423 $271,771 $27.18
13-14 $375,000 $250,000 $24,375 $274,375 $7,224,184,606 $0.00388 $0.83988 $722,418 $448,043 $278,565 $27.86
14-15 5125,000 $125,000 $8,125 $133,125 $7,404,789,221 $0.00183 $0.83783 $740,479 $607,354 $285,529 $28.55
15-16 $0 $0 $0 $0 $7,589,908,952 $0.00000 $0.83600 $758,991 $758,991 $292,667 $2927
16-17 $0 $0 $0 $0 $7,779,656,676 $0.00000 $0.83600 $777,966 $777,966 $299,984 $30.00
17-18 $0 $0 $0 $0 $7,974,148,093 $0.00000 $0.83600_ $797,415 $797,415 $307,483 $30.75
Totals $5,000,000 $3,363,750 $8,363,750 N/A N/A N/A N/A $6,254,546 N/A $563.68
Averages $208,333 $140,156 $348,490 $6,274,653,073 $0.00641 $0.87725 $609,096 $260,606 $241,951 $23.49
co
FARMLAND PRESERVATION PROGRAM - FINANCIAL ANALYSIS 9
ASSUMPTIONS:
1. Three borrowings: 1995(Year 1) $2.0 million
1996(Year 2) $2.0 million
1997(Year 3) $1.0 million
2. 20-year General Obligation Bonds at 6.50%
3. County Population(1994): 101,137,with 1.7%per year growth
4. One cent raises$451,893 in 1994; 25%per year growth in assessed value.
5. Average new single-family dwelling cost in 1993 was$170,000; 2.5%per year growth in assessed value.
PER CAPITA COST:
1995(Year 1) per capita cost($2.0 million) $2.24
1996(Year 2) per capita cost($4.0 million) $4.34
1997(Year 3) per capita cost($5.0 million) $5.22
(Year of maximum impact,declines thereafter)
- OR -
TAX IMPACT,AVERAGE NEW RESIDENTIAL DWELLING:
Average cost of a new single-family dwelling was $170,000 in 1993.
1995(Year 1) debt service ($2.0 million) $9.05
1996(Year 2) debt service ($4.0 million) $17.84
1997(Year 3) debt service ($5.0 million) $21.86
(Year of maximum impact,declines thereafter)
- OR -
COST PER$1,000 ASSESSED VALUE:
1995(Year 1) cost per$1,000 assessed value $0.05
1996(Year 2) cost per$1,000 assessed value $0.10
1997(Year 3) cost per$1,000 assessed value $0.13
(Year of maximum impact,declines thereafter)
- OR -
TAX RATE IMPACT:
1995(Year 1) - $2.0 million 0.00519 cents
1996(Year 2) - $4.0 million 0.00999 cents
1997(Year 3) - $5.0 million 0.01194 cents
(Year of maximum impact,declines thereafter)
IMPACT OF ONE CENT TAX INCREASE
CALCULATION OF $5.0 MILLION PDR PROGRAM COST
FINANCING WITH BONDS SALES OF $ 2.0 MILLION PER ANNUM FOR FIRST TWO YEARS AND $1.0 MILLION THE LAST
AND PAY-AS-YOU-GO FUNDS
Assessed Tax Rate Surplus for Annual
Valuation Increase for Pay-As New Home Cost to New
Annual Annual Annual Growth Debt Service Overall Revenue You-Go Appreciatio[ Home of
Fiscal Principal Interest Debt Service @ 2.5% Payment Tax Rate from after @ 2.5% 5.01 PDR
Year Balance Payment Payment Payment Per Annum Only Impact 5.01 Tax Debt Service Per Annum Program
93-94 N/A N/A N/A N/A $4,408,709,951 N/A $0.83600 N/A N/A $170,000 N/A
94-95 $2,000,000 $100,000 $130,000 $230,000 $4,518,927,700 $0.00519 $0.84119 $451,893 $221,893 $174,250 $17.43
95-96 $3,900,000 $200,000 $253,500 $453,500 $4,631,900,892 $0.00999 $0.84599 $463,190 $9,690 $178,606 $17.86
96-97 $4,700,000 $250100 $305,500 $555,500 54,747,698,415 $0.01194 $0.84794 $474,770 ($80,730) $183,071 $1831
97-98 $4,450,000 $250,000 $289,250 $539,250 $4,866,390,875 $0.01131 $0.84731 $486,639 ($52,611) $187,648 $18.76
98-99 54,200,A00 $250,000 $273,000 $523,000 $4,988,050,647 $0.01070 $0.84670 $498,805 ($24,195) $192,339 $1923
99-00 $3,950,000 $250,000 $256,750 $506,750 $5,112,751,913 50.01011 $0.84611 $511,275 $4,525 $197,148 $19.71
00-01 $3,700.,000 $250,000 $240,500 $490,500 $5,240,570,711 $0.00955 50.84555 5524,057 $33,557 $202,077 $2021
01-02 $3,450,000 $250,000 $224,250 $474,250 $5,371,584,979 $0.00901 50.84501 $537,158 $62,908 $207,128 $20.71
02-03 53,200,000 $250,000 $208,000 $458,000 $5,505,874,603 50.00849 $0.84449 $550,587 $92,587 $212,307 $2123
03-04 $2,950,000 $250,000 $191,750 $441,750 $5,643,521,468 $0.00799 $0.84399 $564,352 $122,602 $217,614 $21.76
04-05 $2,700,000 $250,000 $175,500 $425,500 $5,784,609,505 $0.00751 $0.84351 $578,461 $152,961 $223,055 $2231
05-06 $2,450,000 $250,000 $159,250 $409,250 $5,929,224,742 50.00704 50.84304 $592,922 $183,672 $228,631 $22.86
06-07 $2,200,000 $250,000 $143,000 $393,000 $6,077,455,361 $0.00660 $0.84260 $607,746 $214,746 $234,347 $23.43
07-08 $1,950,000 $250,000 $126,750 $376,750 $6,229,391,745 $0.00617 $0.84217 $622,939 $246,189 $240,206 $24.02
08-09 $1,700,000 $250,000 $110,500 $360,500 $6,385,126,539 50.00576 $0.84176 $638,513 $278,013 $246,211 $24.62
09-10 $1,450,000 $250,000 $94,250 $344,250 $6,544,754,702 $0.00537 50.84137 $654,475 $310,225 $252,366 $2524
10-11 $1,200,000 $250,000 $52,000 $302,000 $6,708,373,570 $0.00459 $0,84059 $670,837 $368,837 $258,675 $25.87
11-12 $950,000 $250,000 $61,750 $311,750 $6,876,082,909 $0.00463 $0.84063 $687,608 $375,858 $265,142 $2651
12-13 $700,000 $250,000 $32,500 $282,500 $7,047,984,982 50.00409 $0.84009 $704,798 $422,298 $271,771 $27.18
13-14 $450,000 $250,000 $29,250 $279,250 $7,224,184,606 $0.00394 $0.83994 $722,418 $443,168 $278,565 $27.86
14-15 $200,000 $150,000 $13,000 $163,000 $7,404,789,221 $0,00225 $0.83825 $740,479 $577,479 $285,529 $28.55
15-16 $50,000 $50,000 $3,250 $53,250 $7,589,908,952 $0.00072 $0.83672 $758,991 $705,741 $292,667 $2927
16-p 17 $0 $0 $0 $0 $7,779,656,676 $0.00000 $0.83600 $777,966 $777,966 $299,984 $30.00
17-18 $0 $0 $0 $0 $7,974,148,093 $0.00000 $0.83600 $797,415 $797,415 $307,483 $30.75
Totals $5,000,000 $3,373,500 $8,373,500 N/A N/A N/A N/A $6,244,796 N/A $563.68
Averages $208,333 $140,563 $348,896 $6,274,653,073 $0.00637 $0.87721 $609,096 $260,200 $241,951 $23.49
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FARMLAND PRESERVATION PROGRAM - FINANCIAL ANALYSIS 11
ASSUMPTIONS:
1. Three borrowings: 1995(Year 1) $1.5 million
1996(Year 2) $1.5 million
1997(Year 3) $2.0 million
2. 20-year General Obligation Bonds at 6.50%
3. County Population(1994): 101,137,with 1.7%per year growth
4. One cent raises$451,893 in 1994; 25%per year growth in assessed value.
5. Average new single-family dwelling cost in 1993 was$170,000; 2.5%per year growth in assessed value.
PER CAPITA COST:
1995(Year 1) per capita cost($1.5 million) $1.68
1996(Year 2) per capita cost($3.0 million) $3.25
1997(Year 3) per capita cost($5.0 million) $5.27
(Year of maximum impact,declines thereafter)
- OR -
TAX IMPACT,AVERAGE NEW RESIDENTIAL DWELLING:
Average cost of a new single-family dwelling was $170,000 in 1993.
1995(Year 1) debt service ($1.5 million) $6.79
1996(Year 2) debt service ($3.0 million) $1338
1997(Year 3) debt service ($5.0 million) $22.05
(Year of maximum impact,declines thereafter)
- OR -
COST PER$1,000 ASSESSED VALUE:
1995(Year 1) cost per$1,000 assessed value $0.04
1996(Year 2) cost per$1,000 assessed value $0.08
1997(Year 3) cost per$1,000 assessed value $0.13
(Year of maximum impact,declines thereafter)
- OR -
TAX RATE IMPACT:
1995(Year 1) - $1.5 million 0.00390 cents
1996(Year 2) - $3.0 million 0.00749 cents
1997(Year 3) - $5.0 million 0.01204 cents
(Year of maximum impact,declines thereafter)
CALCULATION OF $5.0 MILLION PDR PROGRAM COST
FINANCING WITH BONDS SALES OF S 1.5 MILLION PER ANNUM FOR FIRST TWO YEARS
AND $2.0 MILLION FOR THE LAST (THIRD) YEAR
Assessed Appreciation Annual
Valuation Tax Rate of Average Cost to New
Annual Annual Annual Growth Increase for Overall New Home Home of
Fiscal Principal Interest Debt Service @ 2.59 Debt Service Tax Rate @ 2.5% PDR Debt
Year Balance Payment Payment Payment Per Annum Payment Impact _ Per Annum Service
93-94 N/A N/A N/A N/A $4,408,709,951 N/A $0.83600 $170,000 N/A-
94-95 $1,500,000 $75,000 $97,500 $172,500 $4,518,927,700 $0.00390 $0.83990 $174,250 $6.79
95-96 $2,925,000 $150,000 $190,125 $340,125 $4,631,900,892 $0.00749 $0.84349 $178,606 $1338
96-97 $4,775,000 $250,000 $310,375 $560,375 $4,747,698,415 $0.01204 $0.84804 $183,071 $2105
97-98 $4,525,000 $250,000 $294,125 $544,125 $4,866,390,875 $0.01141 $0.84741 $187,648 $21.41
98-99 $4,275,000 $250,000 $277,875 $527,875 $4,988,050,647 $0.01080 $0.84680 $192,339 $20.77
99-00 $4,025,000 $250,000 $261,625 $511,625 $5,112,751,913 $0.01021 $0.84621 $197,148 $20.13
00-01 $3,775,000 $250,000 $24575 $495,375 $5,240,570,711 $0.00965 $0.84565 $202,077 $1949
01-02 $3,525,000 $250,000 $229,125 $479,125 $5,371,584,979 80.00910 $0.84510 $207,128 $18.85
02-03 $3,275,000 $150,000 $212,875 $462,875 $5,505,874,603 $0.00858 $0.84458 $212,307 $1821
03-04 $3,025,000 $250,000 $196,625 $446,625 $5,643,521,468 $0.00808 $0.84408 $217,614 $1757
04-05 $2,775,000 $250,000 $180,375 $430,375 $5,784,609,505 $0.00759 $0.84359 • $223,055 $1693
05-06 $2,525,000 $250,000 $164,125 $414,125 $5,929,224,742 80.00713 $0.84313 $228,631 $1629
06-07 $2,275,000 $250,000 $147,875 $397,875 $6,077,455,361 $0.00668 $0.84268 $234,347 $15.66
07-08 $2,025,000 $250,000 $131,625 $381,625 $6,229,391,745 $0.00625 $0.84225 $240,206 $15.02
08-09 $1,775,000 $250,000 $115,375 $365,375 $6,385,126,539 $0.00584 $0.84184 $246,211 $1438
09-10 $1,525,000 $250,000 $99,125 $349,125 $6,544,754,702 $0.00544 80.84144 $252,366 $13.74
10-11 $1,275,000 $250,000 $63,375 $313,375 $6,708,373,570 $0.00477 $0.84077 $258,675 $1233
11-12 $1,025,000 $250,000 $66,625 $316,625 $6,876,082,909 80.00470 $0.84070 $265,142 $12.46
12-13 $775,000 $250,000 $40,625 $290,625 $7,047,984,982 $0.00421 $0.84021 $271,771 $11.44
13-14 $525,000 $250,000 $34,125 $284,125 $7,224,184,606 $0.00401 80.84001 $278,565 $11.18
14-15 $275,000 $175,000 $17,875 $192,875 $7,404,789,221 80.00266 $0.83866 $285,529 $7.59
15-16 $100,000 $100,000 $6,500 $106,500 $7,589,908,952 $0.00143 $0.83743 $292,667 $4.19
16-17 $0 $0 $0 $0 $7,779,656,676 $0.00000 $0.83600 $299,984 $0.00
17-18 $0 $0 $0 $0 $7,974,148,093 80.00000 80.83600 $307,483 $0.00
Totals $5,000,000 $3,383,250 $8,383,250 N/A N/A N/A N/A $329.86
Averages $208,333 $140,969 $349,302 $6,274,653,073 $0.00633 $0.87717 $241,951 $13.74
,
N
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FARMLAND PRESERVATION PROGRAM - FINANCIAL ANALYSIS 13
ASSUMPTIONS:
1. Two borrowings: 1995(Year 1) $2.5 million
1996(Year 2) $2.5 million
2. 20—year General Obligation Bonds at 6.50%
3. County Population(1994): 101,137,with 1.7%per year growth
4. One cent raises$451,893 in 1994; 25%per year growth in assessed value.
5. Average new single—family dwelling cost in 1993 was$170,000; 2.5%per year growth in assessed value.
PER CAPITA COST:
1995(Year 1) per capita cost($2.5 million) $2.80
1996(Year 2) per capita cost($2.5 million) $5.42
(Year of maximum impact,declines thereafter)
— OR —
TAX IMPACT,AVERAGE NEW RESIDENTIAL DWELLING:
Average cost of a new single—family dwelling was $170,000 in 1993.
1995(Year 1) debt service ($2.5 million) $1131
1996(Year 2) debt service ($2.5 million) $2230
(Year of maximum impact,declines thereafter)
— OR —
COST PER$1,000 ASSESSED VALUE:
1995(Year 1) cost per$1,000 assessed value $0.07
19%(Year 2) cost per$1,000 assessed value $0.13
(Year of maximum impact,declines thereafter)
— OR —
TAX RATE IMPACT:
1995(Year 1) — $2.5 million 0.00649 cents
1996(Year 2) — $5.0 million 0.01249 cents
(Year of maximum impact,declines thereafter)
CALCULATION OF $5.0 MILLION PDR PROGRAM COST
FINANCING WITH BONDS SALES OF $25 MILLION PER ANNUM FOR TWO YEARS
Assessed Appreciation Annual
Valuation Tax Rate of Average Cost to New
Annual Annual Annual Growth Increase for Overall New Home Home of
Fiscal Principal Interest Debt Service @ 25% Debt Service Tax Rate @ 25% PDR Debt
Year Balance Payment Payment Payment Per Annum Payment Impact Per Annum Service
93-94 N/A N/A N/A N/A $4,408,709,951 N/A $0.83600 $170,000 N/A
94-95 $2,500,000 $125,000 $162,500 $287,500 $4,518,927,700 $0.00649 $0.84249 $174,250 $11.31
95-96 $4,875,000 $250,000 $316,875 $566,875 $4,631,900,892 $0.01249 $0.84849 $178,606 $2230
96-97 $4,625,000 $250,000 $300,625 $550,625 $4,747,698,415 $0.01183 $0.84783 $183,071 $21.67
97-98 $4,375,000 $250,000 $284,375 $534,375 $4,866,390,875 $0.01121 $0.84721 $187,648 $21.03
98-99 $4,125,000 $250,000 $268,125 $518,125 $4,988,050,647 $0.01060 $0.84660 $192,339 $2039
99-00 $3,875,000 $250,000 $251,875 $501,875 $5,112,751,913 $0.01002 $0.84602 $197,148 $19.75
00-01 $3,625,000 $250,000 $235,625 $485,625 $5,240,570,711 $0.00946 $0.84546 $202,077 $19.11
01-02 $3,375,000 $250,000 $219,375 $469,375 $5,371,584,979 $0.00892 $0.84492 $207,128 $18.47
02-03 $3,125,000 $250,000 $203,125 $453,125 $5,505,874,603 $0.00840 $0.84440 $212,307 $17$3
03-04 $2,875,000 $250,000 $186,875 $436,875 $5,643,521,468 $0.00790 $0.84390 $217,614 $17.19
04-05 $2,625,000 $250,000 $170,625 $420,625 $5,784,609,505 $0.00742 $0.84342 $223,055 $16.55
05-06 $2,375,000 $250,000 $154,375 $404,375 $5,929,224,742 $0.00696 $0.84296 $228,631 $15.91
06-07 $2,125,000 $250,000 $138,125 $388,125 $6,077,455,361 $0.00652 $0.84252 $234,347 $1527
07-08 $1,875,000 $250,000 $121,875 $371,875 $6,229,391,745 $0.00609 $0.84209 $240,206 $14.63
08-09 $1,625,000 $250,000 $105,625 $355,625 $6,385,126,539 $0.00568 $0.84168 $246,211 $13.99
09-10 $1,375,000 $250,000 $89,375 $339,375 $6,544,754,702 $0.00529 $0.84129 $252,366 $1335
10-11 $1,125,000 $250,000 $40;625 $290,625 $6,708,373,570 $0.00442 $0.84042 $258,675 $11.44
11-12 $875,000 $250,000 $56,875 $306,875 $6,876,082,909 $0.00455 $0.84055 $265,142 $12.07
12-13 $625,000 $250,000 $24,375 $274,375 $7,047,984,982 $0.00397 $0.83997 $271,771 $10.80
13-14 $375,000 $250,000 $24,375 $274,375 $7,224,184,606 $0.00388 $0.83988 $278,565 $10.80
14-15 $125,000 $125,000 $8,125 $133,125 $7,404,789,221 $0.00183 $0.83783 $285,529 $5.24
15-16 $0 $0 $0 $0 $7,589,908,952 $0.00000 $0.83600 $292,667 $0.00
16-17 $0 $0 $0 $0 $7,779,656,676 $0.00000 $0.&3600 $299,984 $0.00
17-18 $0 $0 $0 $0 $7,974,148,093 $0.00000 $0.83600 $307,483 $0.00
Totals $5,000,000 $3,363,750 $8,363,750 N/A N/A N/A N/A $329.09
_
Averages $208,333 $140,156 $348,490 $6,274,653,073 $0.00641 $0.87725 $241,951 $13.71
i