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2 <br />FINANCIAL IMPACT: Based on current land transfer activity, staff projects annual revenues <br />from the proposed .4% Land Transfer Tax to generate $3.5 million. Using this assumption, <br />should the Board approve staff's recommendation that the distribution formula be consistent <br />with the current County Capital Funding Policy, monies available for schools and parks would <br />be: <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the proposed <br />distribution formula for the proceeds from a .4 percent Land Transfer Tax that allocates 60 <br />percent of the proceeds to Chapel Hill Carrboro City and Orange County Schools and 40 <br />percent of the monies to the County for parks, and provide feedback to staff. <br />.4% Land Transfer Tax Distribution Formula Consistent With Current County <br />Capital Funding Policy: 60% to Schools and 40% to County <br />