LDS Aged Escrow Review Update Update & Recommendation Bill - PowerPoint PPT Presentation

LDS Aged Escrow Review Update Update & Recommendation Bill Hicks, Director, Land Development Services March 13, 2018

• Refresher on Aged Escrow Review • Progress Update • Seek BOS Input 2

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Aged Conservation Escrows LDS Aged Escrow Review Aged Future Aged Cash Construction Proffers Escrows 4

Aged Conservation Escrows Deposits posted by developers to ensure proper E&S controls LDS Aged Escrow Review Aged Future Aged Cash Construction Proffers Escrows 5

Aged Conservation Escrows Conservation Escrows OFPA Review LDS Scope Key Variables Scope 1977-present Date Range 1997-2001 (where stabilization is documented) Fund Value $6.4 million $34 million Number of Escrows held 887 2,600 OFPA limited their review to 1997-2001 because LDS was already working with OCA on legal mechanisms to release the conservation escrows dating from 1977-1997. 6

Aged Conservation Escrows A voluntary offer made by a landowner during the LDS Aged Escrow rezoning process to Review donate money. Aged Future Aged Cash Construction Proffers Escrows 7

Aged Cash Proffers Cash Proffer OFPA Review LDS Scope Key Variables Scope Date Range 1985-2010 Same as audit Fund Value $2.9 million $450,000 ($2.5 million transferred since June 2017) Number of Cash 138 28 remaining Proffers Held (141 Identified with 113 transferred/released to other agencies since June 2017) 8

Aged Conservation Escrows Deposits posted by developers to fund their share of a future public improvement LDS Aged Escrow Review Aged Future Aged Cash Construction Proffers Escrows 9

Aged Future Construction Escrows FCE Key Variables OFPA Review Scope LDS Scope Date range that should be 1968-2002 1968-present addressed Fund Value $6.5 million $12 million Number of escrows held 920 1,119 10

Aged Future Construction Escrows Requested Input From the Board • Define ‘Aged’ • Define a Value Threshold below which all ‘aged’ future construction escrows will be released to the state. 11

Defining ‘Aged’ Item Aged Reasoning Conservation Escrows 30 days after county contact Clears books as soon as possible (2,600 in total) to owner regarding project completion Cash Proffers 12 years Follows state regulations (Currently 28 over 12 years in age) • Future Construction Escrows 12 years except: 12 years for consistency with proffers • (1,119 over 12 years in age) Trees & Landscaping • • Streetlight Conversions Retains funds where practical for trees, • Chapter 2 Roads landscaping and streetlights • Reflects the lengthy time horizon necessary to piece together road construction 12

Defining ‘Aged’ Item Aged Reasoning Defining Aged For Future Construction Escrows Conservation Escrows 30 days from project Clears books as soon as possible (2,600 in total) completion • 12 years for consistency with proffers. Cash Proffers Approaching 12 years Provides greatest opportunity under (Currently 28 over 12 state legislation to execute the proffers years in age) to county benefit. • Retains funds where practical for trees, landscaping • 12 years for consistency with proffers. Future Construction 12 years except: and streetlights. • Trees & Landscaping • Simplicity in execution for trees, Escrows • Streetlights (1,119 over 12 years in landscaping & streetlights • Chapter 2 Roads • Reflects the lengthy time horizon age) • Reflects the lengthy time horizon necessary to piece necessary to piece together road together road construction. construction. 13

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Defining a Value Threshold For Future Construction Escrows • Total 1,119 Items totaling $12.274,413 • 66 items totaling $814,583 remain in escrow • Trees, Landscaping, Streetlights & Roads • Option 1 – Release all 584 items below $5,000 to the state with further research. • Option 2 – Release all 763 items below $10,000 to the state with further research. 15

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