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~ - / fi' -020~~ <br />36 <br />REVISED DRAFT <br />UPDATED 3/13/08 <br />ORANGE COUNTY BOARD OF COMMISSIONERS <br />A Resolution Regarding Uses of Land Transfer Tax Proceeds <br />WHEREAS, there are significant pressing school, park, and other County capital needs that are <br />precipitated by growth pressures and are currently unfunded or underfunded in the County's 10 Year <br />Capital Investment Plan; and <br />WHEREAS, it is important to provide Orange County taxpayers with alternatives to the pressure to <br />raise property taxes to address these, and other, County needs; and <br />WHEREAS, the levy of a .4% land transfer tax would provide a new County revenue source; and <br />WHEREAS, if Orange County voters do not approve the levy of a .4% land transfer tax, greater <br />property tax increases are inevitable to meet public school capital needs to meet the requirements of <br />Schools Adequate Public Facilities agreements and ordinances (SAPFO); and <br />WHEREAS, the Board of Commissioners has established guidelines to allocate transfer tax <br />proceeds, including: <br />a. funding will be allocated in an equitable manner between capital projects in the County's two <br />school systems and other County capital projects; <br />b. funding will be allocated to already identified projects to meet the requirements of SAPFO and <br />to fund County park capital needs for the County parks, the land for which has already been <br />acquired, and not to new projects that have not been previously contemplated; <br />c. funding could be allocated to public school and County renovation projects as well as to new <br />facilities; and <br />WHEREAS, if additional funding does not come from the land transfer tax, the property tax will be the <br />funding source for projects to meet the requirements of SAPFO, and other capital projects not <br />required by law may have to be either deferred or not completed; <br />NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board of Commissioners hereby <br />states its intention to use the proceeds from the land transfer tax for currently unfunded or <br />underfunded public school and park projects. <br />BE IT FURTHER RESOLVED THAT proceeds from the land transfer tax in later years will be used to <br />address County Commissioner priorities as established in the County's 10 Year Capital Investment <br />Plan. <br />This, the 18`h day of March, 2008. <br />REVISED DRAFT <br />