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3 <br />Orange County <br />Mousing and Community Development <br />Date: May 31, 2005 <br />To: Orange County Board of County Commissioners <br />From: Project Review and Selection Committee <br />Subject: Land Banking Application dated March 23, 2005 <br />cc: John M. Link, Jr„ County Manager <br />The Project Review and Selection (PRS) Committee has reviewed the above referenced <br />application regarding the purchase of 122 and 124 Johnson Street in Chapel Mill. The <br />following details the committee's recommendation for bond funding for this project based <br />on the original application, the post-review recommendation conference, and additional <br />application material dated May 27, 2005,. <br />The original application asked for $135,000 in Orange County Affordable Housing Bond <br />Program for the purchase of the two Johnson Street properties with a total cost of <br />$154,900. After review, the committee recommends contributing to the cost of land only <br />for the project, The cost of the two properties including the reconstituted third lot is <br />calculated as follows, <br />122 Johnson Street Value $30,000 <br />(includes existing dwelling) <br />Appraised value of land only: $30,000 <br />124 Johnson Street Value $30,000 <br />(vacant property) <br />Appraised Value: $30,000 <br />Creel Street Value: $66,000 <br />(vacant property) <br />Appraised value: $66,000 <br />The Committee is recommending using bond funding to purchase the lots only at <br />$126,000 plus applicable closing costs associated with the purchase of the lots, which <br />appear to be $5,243, for a total of $131,243,. Please be advised that all band projects <br />require some leveraging of funds from other sources.. Thus, the maximum bond funding <br />must equal an amount up to 99% of the total acquisition costs or in this case $129,930, <br />All band funding would be provided as a grant with a development agreement that would <br />contain grant requirements. <br />