COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Proffer Management – FY 07/08 Second Quarter Cash Proffer Report

 

SUBJECT/PROPOSAL/REQUEST:

Report on cash proffer revenues and expenditures for October - December of FY 07/08

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, Kamptner, Graham, and Higgins; and

Ms. Baldwin

 

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

April 9, 2008

 

 ACTION:                INFORMATION: 

 

CONSENT AGENDA:

  ACTION:              INFORMATION:  X

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

On January 3, 2007, the Board requested that it be provided a cash proffer activity report on a quarterly basis.  This FY 07/08 Second Quarter Report reflects all cash proffer activity from October to December of the current fiscal year.  For the purposes of this report, cash proffer activity refers to all cash proffer revenue received or expended and cash proffers accepted in approved rezonings.

 

STRATEGIC PLAN:

Goal 3:  Develop Infrastructure Improvements to Address the County’s Growing Needs

Goal 5:  Fund the County’s Future Needs

 

DISCUSSION:

A.  Revenue:  From October to December of 2007, the County received a total of $54,440.04 in proffered funds for Capital Improvement Projects. The contributions include $19,354.86 from Wickham Pond (ZMA 2004-17), and $35,085.18 from Hollymead Town Center Area D (ZMA 2002-02). 

 

B.  Expenditure:  During this quarter, the County expended $300,000 for homebuyers’ down payment assistance.  The cash was received from North Point (ZMA 2000-09) and proffered for affordable housing initiatives.

 

C.  Proffered:  During this quarter, five rezonings were approved containing a total of $39,844,473.80 in cash proffers.  Of these funds, $19,367,358.80 was proffered for general Capital Improvement Funds pursuant to the County’s Cash Proffer Policy.  Other proffers were received for specific impacts: $17,671,800 for Roads and Other Transportation Improvements; $30,000.00 for Stormwater Management; $439,315.00 for Affordable Housing; $550,000.00 for Community & Library; $911,000 for Parks and Recreation; and $875,000.00 for Fire and Rescue.  A more detailed description of cash proffer activity is provided in Attachment A.

 

D.  Total Obligated Cash Proffers:  As of December 2007, the total obligated cash proffer amount exceeds $49,000,000, assuming proffer density is achieved.  Staff is currently calculating required escalation amounts to provide a more complete update.  The update on this total will be provided for the Board’s review with the cash proffer activity report for the 3rd quarter.

 

BUDGET IMPACT:

The County continues to see an increase in rezonings that include substantial cash proffers that will contribute toward the funding for many capital improvement projects necessary to address the impacts of new development. 

 

RECOMMENDATIONS:

This report is provided for informational purposes and no action is required.  Staff continues to welcome Board feedback for ways to improve how this report is constructed.

 

ATTACHMENTS

Attachment A, Cash Proffer Activity - Second Quarter, FY2007-2008.

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