Land Banking Implementation Process ILA COG LB ILA is ready LG Purchase of Land RTC Action on LB Project Execute ILA AND COGapproved SD Area within which a parcel must be located. Not sitespecific at this point. (Include map of zone. ) EB Action on LB Project • Includes • LG has until May 31, 2009 to finalize purchase of land Project Sponsor submits Notice of Intent to Buy to COG: • Id’s parcel(s) to be acquired • Description of the ultimate use of land • any • Provide zoning issues must be resolved before reimburse ment will be issued • Description of parcels, including tax id number, what is being acquired (land, building rights, etc) documentation of current zoning photos of the site • Provide information regarding any deed restrictions or other regulations on the property • LG provides a suggested repayment timeline • LG provides an • No condemnation • Will not pay relocation costs. • Will not pay any associated cost of a land purchase. • any and all known zoning issues with the property will be flagged in the NTP; • Provide current Overall Rules: COG issues Notice to Proceed: independent appraisal of the fair market value of the portion of the property COG SD Funds were used to purchase within 90 days of purchase (Appraisal can be no more than 120% of the sale price). • COG concurs with the suggested repayment timeline from the LG LG buys land Banking of Land LG provides the following to COG: • proof that it has filed the property deed at the County Clerk’s office; • proof of payment to the landowner; and • proof that any outstanding zoning issues listed in the Notice to Proceed have been resolved. Reimbursement made Un-banking of Land Banking of land Un-banking land Repayment timeline: • When a profit is made, COG and the municipal • Monitoring Function, negotiate and monitor the banking of the land the repayment timeline. • allow no permanent structures, only temporary day-time uses to be permitted. • LG provides an annual report to COG detailing progress towards unbanking the land, use(s) over the past year, and site photos from the same vantage points as the photos submitted with the purchase data. partner receive shares equal to their respective share of the original investment to purchase the land. • All money received from un-banked land returns to the Sustainable Development Land Banking Program. • COG receives principal back at a minimum • LG sells to private sector: LG pays COG principal plus COG’s share of profit, using the purchase appraisal data and independent appraisal when land is unbanked (paid for by LG) to calculate profit. • Kept for public use: LG gives COG principal plus interest and relationship ends. Must remain in public use for a minimum of 10 years. • LG leases to private sector: LG pays COG principal plus COG’s share of profit, using the purchase appraisal data and independent appraisal when land is unbanked (paid for by LG) to calculate our profit. • LG walks away: LG pays COG principal plus interest calculated by independent appraisal (paid for by LG) for current land value and relationship ends. • LG has 120 days to pay COG back after they make the transaction/decision that unbanks the land. 12. 18. 06
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