COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Proffer Management – FY 08 3rd Quarter Cash Proffer Report

 

SUBJECT/PROPOSAL/REQUEST:

Report on cash proffer revenues and expenditures for January - March of FY 08

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Kamptner, Graham and Higgins; Ms. McCulley and Ms. Baldwin

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

July 2, 2008

 

     ACTION:                        INFORMATION:   

 

CONSENT AGENDA:

     ACTION:                         INFORMATION:  X

 

ATTACHMENTS:   Yes

 

REVIEWED BY:

 

 

 

BACKGROUND:

The following summary represents all cash proffer activity occurring in the 3rd quarter (January-March) of FY 08.  Since the quarterly reports were initially requested by the Board in 2007, several changes and continued improvements have been made in order to provide more details regarding cash proffer activity.  In addition to cash proffer revenue, expenditures, new rezonings and total obligated proffers, this report provides the calculation of the 2008 inflation adjustment for those proffers subject to an annual adjustment implemented under the Board’s proffer policy. In an effort to provide more timely reports to the Board, the 4th quarter report, which will include consolidated data from Finance, will be presented to the Board in August.

 

STRATEGIC PLAN:

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

Goal 5:  Fund the County’s Future Needs.

 

DISCUSSION:

The information below provides details regarding the amount of cash proffered, received and expended during the 3rd quarter, and the total amount of outstanding proffer obligations at the end of the 3rd quarter of FY 08. 

 

A. Proffered:  During the 3rd quarter, the rezoning of Fontana 4C (ZMA2004-18) and Patterson (ZMA2007-11) were approved accepting a total of $819,300 in cash proffers.  The cash is designated for general CIP improvements and affordable housing.  (See Attachment A)

 

B. Revenue:  During the 3rd quarter, the County received a total of $84,278.10 in proffered funds from Hollymead Area C, Wickham Pond and Belvedere Station for general CIP improvements and affordable housing.  (See Attachment A)

 

C. Expenditure:  The County expended a total of $814,011 of cash proffers from four (4) rezonings in the 3rd quarter.  Of this total, $59,161 was received from Wickham Pond and designated to the Crozet Streetscapes CIP and $200,000 was received from North Pointe and designated to affordable housing down payment assistance. The remaining $554,850 funds were previously received from Hollymead Town Center Area’s C and D and were designated to the Hollymead Fire Station. (See Attachment A)

 

D. Total Obligated Cash Proffers:   The total amount of cash proffer obligations at the end of the 3rd quarter of FY 08 was $56,146,937.47. For some proffers, the total amount is based upon a presumption of maximum build-out, however, the actual amounts could be less if maximum densities are not achieved.  Ten rezonings are subject to a 2008 adjustment multiplier calculated using the Marshall Swift Mid- Atlantic Index for Masonry Bearing Walls (1.015).  With the adjusted value added, the total obligated adjusted cash proffer amount is $56,742,558.28. (See Attachment B)

 

BUDGET IMPACT:

One staff person oversees the collection, tracking and disbursement of cash proffers and non-cash proffers with the assistance of other departments.

 

RECOMMENDATIONS: 

This report is for information purposes only.

 

ATTACHMENTS

A - FY08 - 3rd Quarter Proffer Report

B - Proffer Summary To-Date

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