Land Banking Implementation Process COG LB ILA is ready Execute ILA Includes COG- approved SD Area within which a parcel must be located. Not site- specific at this point. (Include map of zone.) LG has until May 31, 2009 to finalize purchase of land RTC Action on LB Project AND EB Action on LB Project Project Sponsor submits Notice of Intent to Buy to COG: Id’s parcel(s) to be acquired Description of parcels, including tax id number, what is being acquired (land, building rights, etc) Description of the ultimate use of land Provide documentation of current zoning Provide current 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 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). Overall Rules: No condemnation Will not pay relocation costs. Will not pay any associated cost of aland purchase. COG issues Notice to Proceed: any and all known zoning issues with the property will be flagged in the NTP; any zoning issues must be resolved before reimburse ment will be issued COG concurs with the suggested repayment timeline from the LG 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 Banking of land Repayment timeline: Monitoring Function, negotiate and monitor the banking of the land and 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 un- banking the land, use(s) over the past year, and site photos from the same vantage points as the photos submitted with the purchase data. Un-banking land When a profit is made, COG and the municipal 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. ILALG Purchase of LandBanking of LandUn-banking of Land LG buys land