anchor Description
The Advance Land Acquisition Revolving Fund (ALARF) was established in the Commission's Capital Improvements Program pursuant to Land Use Article Section of the Annotated Code of the State of Maryland to enable the Commission to acquire rights-of-way and other property needed for future public projects. ALARF is considered part of the Commission's operating budget, and this CIP project is used to provide a snapshot of current Revolving Fund balances in land and available funds. The corpus of the revolving fund includes the original million bond issue in a million bond issue in a million bond issue in a million bond issue in plus reimbursements in excess of costs, accumulated interest, and any surplus of Advance Land Acquisition (ALA) tax revenue over debt service. Before acquisition of a specific parcel, the Montgomery County Planning Board will submit an authorization request to the Montgomery County Council for approval by formal resolution. M-NCPPC must seek County Council approval to change the use of ALARF-acquired property. It is the intent of the County Council that land acquisition costs for ALARF-acquired properties will ultimately be appropriated in a specific project PDF or acquisition PDF so that ALARF can be reimbursed and continue to revolve. In the event that the County Council does not require that ALARF be reimbursed, the cost of the land acquisition related to the non-park development project shall be disclosed in the PDF text. If ALARF-acquired properties are not needed for the public use for which they were purchased and/or are used for park and recreation purposes as part of the Commission's Parks system, the Commission is not obligated to replenish ALARF.
anchorCost Change
Cost change is tied to the annual contribution from the Debt Service Fund, as approved in the operating budget.
anchor Justification
Some of the acquisitions in this project may help meet Park, Recreation and Open Space (PROS) Plan objectives. This project enables the Commission to acquire private property in lieu of allowing development that would adversely affect a planned public use of the property. All properties acquired with ALARF must first be shown on adopted area master plans as needed for future public use. Properties included for acquisition in a current capital budget of any public agency are not eligible for acquisition under this project.
anchorFiscal Note
Prior year partial capitalization of expenditures through totaled As of the end of the value of ALARF-acquired land being held for transfer is At the end of the available balance in the ALARF Revolving Fund is The amount approved for expenditure from the Revolving Fund by the M-NCPPC Adopted Budget for Fiscal Year is