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the numbers of units is important, the most critical data on Table <br />21 is the rate of growth in housing types between 1980 and 1990. By <br />converting the 10 -year rates to annual figures and applying them to <br />the 1990 housing stock, by type, estimates can be made of the <br />number of new housing units constructed in each year of the capital <br />improvement program period (see Tables 22 and 23]. Because the <br />census data showed declines in the number of structures containing <br />two to five units in the Orange County School District, it was <br />assumed that structures of this type would be built during the CIP <br />period, and the annual rate of increase for attached and detached <br />single - family homes (2.15$) was used to project modest increases in <br />such units. Finally, by multiplying the housing unit estimates by <br />the schedule of impact fees derived in Tables 19 and 20, impact fee <br />revenue projections can be prepared for each year of the capital <br />improvement program period (see Tables 22 and 23]. <br />For the Chapel Hill - Carrboro School District, the total amount <br />of impact fees that would be generated from FY 1992 -93 to FY 1997- <br />98 would be $12,0741650. As indicated previously, the School <br />District has identified the need for one elementary school, one <br />middle school;.and a high school. Based on the minimum standards <br />and cost data contained in this report, these facilities would cost <br />$31,395,434. Based on the projection of impact fee revenues, <br />approximately 38 percent of the cost could be financed with such - <br />revenues. If compared to the cost of the same school facilities <br />proposed as part of future bond issues ($48.0 million), impact fee <br />revenues would represent approximately 25 percent of the total <br />capital costs. <br />For the Orange County School District, projected impact fees <br />amount to $9,936,989. A proposed middle school and elementary <br />school would cost $15,235,784, based on the minimum standards and <br />cost data. Of this cost, roughly 65 percent of the amount could be <br />covered by impact fee revenues. If compared to the cost of the same <br />school facilities proposed as part of future bond issues ($26.0 <br />million), impact fee revenues would represent approximately 38 <br />percent of the total capital costs. <br />A final question related to the collection of impact fees is <br />whether impact fees collected in a particular school district would <br />be specifically earmarked for use in that district. The answer to <br />this question is yes. For example, impact fees collected from the <br />construction of a new home in the Orange County School District <br />would be placed in a capital reserve fund, impact fee trust fund, <br />or similar account earmarked specifically for that school district. <br />As the construction of new schools'began in the school district, <br />funds would be appropriated from the fund /account to cover a <br />portion of the total school cost. The same procedure would hold <br />true for the Chapel Hill- Carrboro School District. <br />AFFORDABILITY ISSUES <br />In assessing whether or not to establish impact fees <br />the impact fees at the maximum amount, the affordability <br />fees is a major factor to be considered. <br />Page - 18 <br />[-,j <br />1 <br />L <br />or to set <br />of the I <br />