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Once the Assessor s final determination is made regarding the extent to which Carol Woods <br /> property qualities for exemption,decisions wall not needed regarding: <br /> • What should be the structure and elements of an agreement between the County and <br /> Carol Woods regarding future payments In lieu of taxes <br /> • What should be the timing of payments <br /> • To what specific County useslprogrem llserviws, if any, should future Carol Woods <br /> donations be earmarked <br /> FINANCIAL IMPACT: The exact financial impact on Orange COUMy(and likewise,on the <br /> Town of Chapel Hill and the Chapel HIII-Caobom City Schools)will be determined by the <br /> punt of property qualified for exemption from ad valorem taxation and the tax rates <br /> established for each entity for Hl'2002-03. However, H Carol Woods makes donations that <br /> match the amount they would have paid in taxes absent exemption, the Impact should be <br /> revenue-neutral for Orange County. <br /> RECOMMENOATION(S): The Manager recommends that the Board receive the repot for <br /> information, pose any questions to staff and Carol Woods representatives, and provide <br /> appropriate direction to the Manager.and staff. <br />