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JENKINSMOTION March 18,1997 <br />Regular Meeting <br />SECOND:BARG Res,No,97-228 <br />RE:CREATION OF A PRINCE WILLIAM COUNTY ECONOMIC <br />DEVELOPMENT LAND BANK AND ADOPTION OF GOVERNING <br />POLICIES THEREOF <br />ACTION:APPROVED <br />WHEREAS,during the course of the past year many activities have been <br />pursued in furtherance of stimulating economic development in the Innovation ®Prince William <br />area of the County;and <br />WHEREAS,these activities include the completion of the Urban Land Institute <br />Study which strongly recommended continued County involvement in and control of the land <br />sales in the Innovation ~Prince William area,completion of a survey of the Broadview parcels, <br />completion of an appraisal ofthe property,an examination of proffers on the land,and securing <br />a source of financing for the purchase of these parcels;and <br />WHEREAS,the Board of County Supervisors has approved the acquisition of <br />approximately 503 acres of the land at Broadview Center to enhance economic development in <br />the County;and <br />WHEREAS,policy guidelines for managing this land,and any other land that <br />may be purchased in the future for economic development purposes,will enable County staff to <br />better achieve economic development in the County while controlling costs associated with <br />management and disposition of land; <br />NOW,THEREFORE,BE IT RESOLVED that the Prince William Board of <br />County Supervisors does hereby approve the creation ofthe Prince William County Economic <br />Development Land Bank,and the following Land Bank Policies: <br />DUE DILIGENCE: <br />1.The County will perform the following activities in conjunction with acquiring <br />and utilizing land for economic development: <br />a.complete any and all necessary environmental assessment work <br />b.complete other customary real estate due diligence <br />c.prepare a business plan for the land which includes <br />-a market analysis and marketing plan, <br />-a financial plan