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I,_; ' <br /> COMMENT: In the following paragraphs , alternative language <br /> is provided to Section iv for possible inclusion <br /> in the final document . The first alternative pro- <br /> vides that the County would pay outright for the <br /> extension of sewer and water to approved projects. <br /> The second alternative describes a leasing <br /> arrangement . In either case, County expenditures <br /> for any single project are limited by the projected <br /> tax recovery over a five year period and contingent <br /> upon the availability of funds . <br /> SECTION IV A: METHOD OF FUNDING APPROVED PROJECTS (alternative A) <br /> Sewer and Water Extension Fund Established : It is the policy <br /> of Orange County to establish and maintain a fund for the purpose <br /> of paying for water and sewer extensions to approved projects . <br /> Eligible Project Expenses : The County will fund project <br /> engineering studies , easement acquisition, sewer and water lines <br /> including pipe and ancillary equipment such as water pumps, sewer <br /> pumps, val ves, pump houses, fire, hydrants, water . <br /> treatment plants, sewage treatment plants as well as the actual <br /> construction of these utilities. Where a project is approved but <br /> funding is not immediately available, it will be placed on a priority <br /> waiting list based on its approval date. <br /> Limits of County Financial Participation : The County' s financial <br /> participation for approved projects shall not exceed the estimated <br /> increase in ad valorem tax yields from the project in the six years <br /> following its completion. This method of calculating the ceiling <br /> for County funding of any one project should not be construed as <br /> establishing the eligibility of a project for funding. The follow- <br /> ing is a sample calculation: <br /> EXAMPLE <br /> $1,400 ,000 - estimated value of land and building <br /> 128,000 - minus land value <br /> $1,272,000 - estimated value of buildings <br /> . 544$/100 valuation tax rate <br /> 6,920 - tax return from project each year <br /> 41,518 - participation <br /> Payment Policy : For approved projects, the County shall pay <br /> for all costs up to the limits stated above at no cost to the de- <br /> veloper. <br /> SECTION IV B: METHOD OF FUNDING APPROVED PROJECTS (alternatives B) <br /> Sewer and Water Extension Fund Established : It is the policy <br /> of the County to establish and maintain a fund for the purpose of <br /> financing water and sewer extensions to approved projects . Utilities <br /> constructed by Orange County will be leased to the development for <br /> which they are constructed. <br /> -4- <br />