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2 <br />FINANCIAL IMPACT: There is no direct financial impact associated with this agenda item. <br />Recently updated estimates developed by the County Budget Director suggest that based on <br />historical patterns, Orange County could expect proceeds for FY 2008-09 of approximately $3.5 <br />million from a .4 percent land transfer tax, if approved by voters and implemented by the Board <br />of Commissioners to take effect on July 1, 2008. <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the intended <br />uses of the proceeds from a .4% land transfer tax and adopt a modified version of the <br />accompanying resolution that reflects the Board's decisions at this March 6 meeting regarding <br />the intended uses of the proceeds from the prospective new revenue source. <br />