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33 <br /> G.1 To Encourage Additional Open Space <br /> A density increase is permitted where more than thirty-three percent (33%) of the total land area <br /> in the Flexible Development is set aside as protected open space. The amount of the density <br /> increase shall be based on the following standard: <br /> For each additional acre of protected open space provided in the Flexible Development, one (1) <br /> additional building lot or dwelling unit is permitted. <br /> In lieu of providing additional open space in the Flexible Development, the applicant may <br /> purchase in fee simple or less than fee (e.g., development rights) land separate from the Flexible <br /> Development which is comprised of Primary and/or Secondary Conservation Areas as defined in <br /> Section B.2. Land purchased in fee may be dedicated to Orange County, another unit of local <br /> government,the State of North Carolina or a private non-profit land conservancy. <br /> For land purchased in less than fee, a conservation easement shall be recorded which restricts the <br /> development potential of the land. The conservation easement shall be dedicated to Orange <br /> County, another unit of local government,the State of North Carolina or a private non-profit land <br /> conservancy. <br /> a <br /> G.2 To Encourage Affordable Housing <br /> A density increase is permitted where the Flexible Development provides on-site or off-site <br /> housing opportunities for low or moderate-income families. The amount of the density increase <br /> shall be based on the following standard: <br /> For each affordable housing unit provided in the Flexible Development, one (1) additional <br /> building lot or dwelling unit is permitted. Affordable housing is defined as units to be sold or <br /> rented to families earning less than the Orange County median income, adjusted for family size, <br /> as determined by the U.S. Department of Housing and Urban Development. <br /> In lieu of providing affordable housing units in the Flexible Development, the applicant may <br /> donate to Orange County land separate from the Flexible Development with suitable soils or <br /> access to public water and sewer for the purpose of developing affordable housing. The donated <br /> land shall contain at a minimum the land area needed to develop the total number of bonus units <br /> in accordance with the zoning requirements of the district in which the donated land is located. <br /> G.3 To Encourage Maintenance Endowments <br /> The County may allow a density bonus to generate additional income to the applicant for the <br /> express purpose of endowing a permanent fund to offset continuing open space maintenance <br /> costs. Spending from this fund would be restricted to expenditure of interest, in order that the <br /> principal may be preserved. Assuming an average interest rate of five (5) percent, the amount <br /> designated for the Endowment Fund should be twenty (20) times the amount estimated to be <br /> needed on a yearly basis to maintain the open space. On the assumption that additional <br />