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8 <br /> Twelve acres of the park site will be dedicated with the Final Plat for Phase I1, and will satisfy <br /> dedication or payment-in-lieu requirements for both Phase I and Phase II. Of the remaining 18 acres a <br /> pro-rated minimum of eight acres is proposed to be dedicated with the Final Plat for Phase III. The <br /> remaining 12 acres would be dedicated with Phase IV. The Recreation and Parks Advisory County <br /> (RPAC) recommended acceptance of the offer to dedicate the park site on a pro-rated basis. (See <br /> attached memorandum from Bob Jones, Recreation and Parks Director.). <br /> One of the Commissioners Goals for the 98-98 fiscal year is revise the Master Recreation and Parks <br /> Plans to create a joint capital facilities plan for Orange County, Chapel Hill, Carrboro and Hillsborough. <br /> A public hearing is tentatively scheduled for May 1998. The park site to be dedicated with University <br /> Manor will be included in the inventory of existing parkland. <br /> FISCAL IMPACT ANALYSIS <br /> Two fiscal impact analyses are included in the attachments. The first analysis is for Phase III alone, and <br /> indicated a positive net fiscal impact on County Government of $99,852 in the anticipated year of <br /> buildout (2002). The second analysis is cumulative for Phases I through III, and indicated a positive net <br /> fiscal impact of $265,107 in the year 2002. In addition, school impact fees, to be collected upon the <br /> development of each lot in Phase III will total $54,000 ($210,750 for entire development). <br />