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3 created and owned by a homeowners association, but a conservation easement is held by Orange County or a non - profit land conservancy. Associated with such an approach is the potential for the land owners or developers qualifying for tax credits if the land is voluntarily protected through a conservation easement. Information regarding such an approach was recently presented to the Agricultural Districts Advisory Board. Options to Address Parkland Dedication/Payment-In-Lieu Provisions Section IV -B -7 -b of the Subdivision Regulations requires at least 1 /35th of an acre to be dedicated for each dwelling unit planned or provided for in the subdivision plan. An exception to this standard is where land characterized by floodplains and/or steep slopes is dedicated, the requirement is 1 /20th of an acre. Upon finding that no recreation/open space sites have been designated on the Comprehensive Plan for the property in question, the Board of Commissioners may approve a payment -in -lieu of dedication. Such a payment must equal the number of acres required to be dedicated multiplied by the fair market value of the land to be dedicated. Fair market value is determined by dividing the tax appraisal of the property at last revaluation by the current year assessment ratio. Since the adoption of the dedication/payment -in -lieu provisions in 1987, Orange County has collected $5,040 in payments from subdivisions in the Eno Community Park Service Area (see attached Recreation Service Area Boundaries Map). The amount of land dedicated or payments -in -lieu which could be expected from the four subdivisions is shown below. * Based on average assessed value of $2,470 per acre. To put the payments -in -lieu in context, land purchased for the New Hope Elementary School cost $15,000 per acre. Nevertheless, options to address dedication/payment -in -lieu requirements include the following. Dedication Requirement Payment -in -Lieu Number (Acres) Requirement* Concept Plan of Lots @ 1/35th @ 1 /20th @ 1 /35th @ 1 /20th Guernsdale • Phase I 10 0.286 0.500 $706 $1,235 • Phase II 72 2.057 3.600 $5,081 $8,892 Stoney Creek Farms • Phase I 60 1.714 3.000 $4,234 $7,410 • Phase II 35 1.000 1.750 $2,470 $4,323 • Phase III 79 2.257 3.950 $5,575 $9,757 Craig Manor 79 2.257 3.950 $5,575 $9,757 University Trace 158 4.514 7.900 $11,150 $19,513 Total - All Plans 493----1-- 14.085 24.650 - $349791— -- $609887 * Based on average assessed value of $2,470 per acre. To put the payments -in -lieu in context, land purchased for the New Hope Elementary School cost $15,000 per acre. Nevertheless, options to address dedication/payment -in -lieu requirements include the following.