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LDS Aged Escrow Review Update

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LDS Aged Escrow Review Update
April 12, 2018

Publié dans : Actualités & Politique
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LDS Aged Escrow Review Update

  1. 1. LDS Aged Escrow Review Update NVBIA-NAIOP-ESI Bill Hicks, Director, Land Development Services April 12, 2018
  2. 2. 2 Background Regarding Aged Escrow Review
  3. 3. 3
  4. 4. LDS Aged Escrow Review Aged Conservation Escrows Aged Cash Proffers Aged Future Construction Escrows 4
  5. 5. LDS Aged Escrow Review Aged Conservation Escrows Aged Cash Proffers Aged Future Construction Escrows 5 Deposits posted by developers to ensure proper E&S controls
  6. 6. 6 Aged Conservation Escrows Conservation Escrows Key Variables OFPA Review Scope LDS Scope Date Range 1997-2001 1977-present (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.
  7. 7. LDS Aged Escrow Review Aged Conservation Escrows Aged Cash Proffers Aged Future Construction Escrows 7 A voluntary offer made by a landowner during the rezoning process to donate money.
  8. 8. 8 Aged Cash Proffers Cash Proffer Key Variables OFPA Review Scope LDS 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 Proffers Held 138 28 remaining (141 Identified with 113 transferred/released to other agencies since June 2017)
  9. 9. LDS Aged Escrow Review Aged Conservation Escrows Aged Cash Proffers Aged Future Construction Escrows 9 Deposits posted by developers to fund their share of a future public improvement
  10. 10. 10 Aged Future Construction Escrows FCE Key Variables OFPA Review Scope LDS Scope Date range that should be addressed 1968-2002 1968-present Fund Value $6.5 million $12 million Number of escrows held 920 1,119
  11. 11. 11 Aged Future Construction Escrows With Input from the BOS • Define ‘Aged’ • Define a Value Threshold below which all ‘aged’ future construction escrows will be released to the state.
  12. 12. Defining ‘Aged’ 12 Item Aged Reasoning Conservation Escrows (2,600 in total) 30 days after county contact to owner regarding project completion Clears books as soon as possible Cash Proffers (Currently 28 over 12 years in age) 12 years Follows state regulations Future Construction Escrows (1,119 over 12 years in age) 12 years except: • Trees & Landscaping • Streetlight Conversions • Chapter 2 Roads • 12 years for consistency with proffers • Retains funds where practical for trees, landscaping and streetlights • Reflects the lengthy time horizon necessary to piece together road construction
  13. 13. Defining ‘Aged’ 13 Item Aged Reasoning Conservation Escrows (2,600 in total) 30 days from project completion Clears books as soon as possible Cash Proffers (Currently 28 over 12 years in age) Approaching 12 years Provides greatest opportunity under state legislation to execute the proffers to county benefit. Future Construction Escrows (1,119 over 12 years in age) 12 years except: • Trees & Landscaping • Streetlights • Chapter 2 Roads • 12 years for consistency with proffers. • Simplicity in execution for trees, landscaping & streetlights • Reflects the lengthy time horizon necessary to piece together road construction. Defining Aged For Future Construction Escrows • 12 years for consistency with proffers. • Retains funds where practical for trees, landscaping and streetlights. • Reflects the lengthy time horizon necessary to piece together road construction.
  14. 14. 14
  15. 15. 15 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 further research. • Option 2 – Release all 763 items below $10,000 to the state with further research.
  16. 16. Questions 16

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