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<br />DRAFT <br />UPDATED 2/28/08 <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 />currently unfunded or underfunded in the County's 10 Year Capital Investment Plan; and <br />WHEREAS, it is important to provide Orange County taxpayers with some relief from the pressure to <br />raise property taxes to address those, and other, County needs; and <br />WHEREAS, revenue from the land transfer tax alternative made available to counties by the General <br />Assembly during the 2007 Session provides an opportunity to gain some measure of that relief; and <br />WHEREAS, if the County Commissioners do not have voter approval to levy a .4% land transfer tax, <br />that inevitably will lead to property tax increases to meet capital needs that MUST be funded; and <br />WHEREAS, while the Board of Commissioners cannot say that property taxes will never be raised, <br />the availability of an alternative revenue source through the land transfer tax does mean that property <br />tax rates would be lower than they otherwise would be without the land transfer tax; and <br />WHEREAS, capital funding from the land transfer tax must be allocated in an equitable manner <br />between projects in the County's two school systems and other County capital projects; and <br />WHEREAS; funding from the land transfer tax should be allocated to already identified projects the <br />County MUST accomplish, not to new projects that haven't been previously contemplated; and <br />WHEREAS, funding from the land transfer tax could be allocated to renovation projects as well as to <br />new facilities; and <br />WHEREAS, if additional funding does not come from the land transfer tax, it will inevitably come from <br />the property tax for projects that MUST be done, and non-mandated, projects will either be deferred or <br />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 school and park projects; and <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 />DRAFT <br />