Agenda - 06-27-2006-7b - Laserfiche WebLink

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Orange County Transfer of Development Rights Feasibility Study 19 GRAFT Economic Feasibility Report Table 2: Value of Conservation Easement -Percentage of Total Land Value land w little urban influence 50% Land with urban influence 70% Table 3: Median Value o f Conservation Easement er acre , Little River .. 3 816 5 342 Cedar Grove 3 962 5 547 Cheeks 5 771 8 079 Hilisborou h 27 226 38 116 Eno 9 466 13 253 Bin ham 5129 7181 Cha el Hill 56 013 78 418 All County Vatues $10,636 $14,891 Given the assumption of one TDR credit allocated per Sending Area acre, these figures translate directly into the value of a TDR credit to the Sending Area landowners. Table 4 provides a simple tabulation of all the acreage in the Receiving Areas, including already built-upon lands. The difference in the total shown in Table 4 and the 7,513 Receiving Area acres in Table 1 is thus the difference in already built-upon land. Table 4: Land in Receiving Areas, by Township Little River 1 826 Cedar Grove 691 Cheeks 3 970 Hilisborou h 1687 Eno 1 326 Bin ham 1 135 Chapel Hill Total for Oran a Coun 135 10 770 Cedar Grove Little River ~~~ Eno Hillsborough Hingham Chapel Hill Townships The study began estimating the profitability of TDR credits to developers in the nine different receiving areas. Profits from prototype developments were estimated according to existing zoning and then with the additional density from TDR credits. However, data limitations prevented the study from forming reliable conclusions on the amount of profit that would be collected from the TDR credits. This type of analysis will require significant investments to gather accurate data, including estimates of revenues and costs for completed developments including estimates of cost components for land acquisition; government approvals; holding costs and development costs both on and 6.72006