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2 <br /> money it will generate to meet the needs of the County. To put a <br /> dollar figure in the bill is inappropriate and to raise or lower that <br /> figure would necessitate a legislative action. Maximum flexibility is <br /> important so that the County can make the decision on the amount of the <br /> floor. <br /> Commissioner Carey emphasized that the bill will not produce <br /> enough revenue to enable the County to address the major capital needs <br /> of the County. He suggested placing a maximum floor with the <br /> flexibility of choosing an amount up to that maximum. <br /> Chair Marshall described a situation in which the original <br /> purchaser pays the tax and the developer pays nothing and noted that <br /> setting a floor does not represent fairness in the bill. <br /> Commissioner Halkiotis spoke in support of not setting a floor in <br /> the bill. <br /> Kermit Lloyd suggested that a cap, if one is used, be tied to the <br /> present amount of the Homestead Exemption for only those properties <br /> that presently qualify for this exemption. This would have a small <br /> eroding effect on the purpose of the bill because very few of the <br /> elderly or handicapped ever sell their property. <br /> There was a consensus that this is a good suggestion and one that <br /> should be pursued. <br /> Commissioner Hartwell expressed concern with not setting a floor <br /> stating that this additional cost would be a burden to many of the <br /> first time homebuyers. <br /> Commissioner Willhoit suggested putting aside a specific amount of <br /> the income from this bill into a first time buyers low interest loan <br /> pool. <br /> Chapel Hill Town Manager David Taylor reported that the City <br /> Council did on Monday evening adopt a resolution in support of the real <br /> estate transfer tax. He commented on the issue of the floor stating <br /> that the exemption that corresponds to and directly correlates with the <br /> Homestead Exemption is good but encouraged the Board to not try to <br /> solve the affordable housing problem with this bill. Any kind of floor <br /> not tied to the Homestead Exemption will cause sellers and buyers to <br /> get together and do things they would not ordinarily do. He encouraged <br /> the Board to not put a floor in the bill. With reference to the <br /> distribution method, the point of origin would be the most advantageous <br /> to Chapel Hill. It may be well to write into the bill that the money <br /> will be allocated one half on the point of origin and one half on per <br /> capita basis. <br /> Motion was made by Commissioner Willhoit, seconded by Commissioner <br /> Halkiotis to request the necessary legislation for the Land Transfer <br /> Tax, to set the floor as the same amount of the Homestead Exemption, to <br /> remove the reference to non-profit organizations, to state that <br /> municipalities may participate by opting in, to indicate that the <br /> proceeds will be shared with the municipalities on a 50% by population <br /> and 50% by point of origin basis and to approve the resolution as <br /> stated below: <br /> ORANGE COUNTY BOARD OF COMMISSIONERS RESOLUTION <br />