FOR IMMEDIATE RELEASE                                                                            January 25, 2008

FORWARD THINKING CARY TO LAUNCH UNPRECEDENTED LAND BANKING INITIATIVE

Council authorizes $23 million to get program rolling

CARY, NC – In keeping with their commitment to proactive, comprehensive planning for the future, the Cary Town Council has approved an innovative land banking program that will reserve land now for future public purposes such as schools, post offices, parks, greenways, open space, community centers, and fire stations.  Cary becomes one of the first municipalities in the state to implement a systematic land banking program, which will enable the acquisition of land now at what is likely a lower price and set it aside for planned future needs when land will be more scarce and expensive.  The move came last night at the group’s regular meeting during which the Council unanimously approved the program’s framework and authorized the use of $23 million to get it started.  

Under Cary’s land banking program, large undeveloped parcels of land will be considered for possible reservation as well as other parcels that may be underdeveloped and/or or ideal for community use in the future; land in the Town’s extraterritorial jurisdiction will also be considered.  Land may be reserved for future community use through purchase by the Town, joint purchase with another agency, donation from a private party, land dedication as part of a development, or through preservation easements. 

As initial program actions, the Town will focus on acquiring school sites identified by the Wake County Public School System (WCPSS) as well as preserving land for open space and space for a new post office.  The WCPSS estimates that over the next 15-20 years, six new school sites will be needed in the Cary/Morrisville area, and the US Postal Service has identified the need for one additional facility in the Cary area.  

Once the land is reserved by Cary, other governments could be allowed to purchase the land from Cary in the future at or near the cost Cary paid, thus insulating the future public purpose - and the taxpaying citizens that support the governments - from rising land costs.

The Town’s land banking program will be funded as follows:

§         $3 million of developer contributions

§         $5 million from the general fund balance

§         $5 million from the utility fund balance

§         $10 million in asset backed debt

The development of Cary ’s land banking program was officially launched at the September 27, 2007 Council meeting during which Council directed Town staff to create a comprehensive program.  Since that time, staff has identified a need for more than 700 acres for public use, including at least 250 acres for six Wake County public schools, 400-500 acres for 13 park facilities, 3-4 acres for a fire station and 12 acres for a post office. 

Outside of the new formal program, the Town has been using land banking on a case-by-case basis for parks, greenways, and open space.

For more, visit www.townofcary.org or call (919) 462-3911.

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