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Land Development > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

How long does a developer spend on idea inception

A

20-30% of the time

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2
Q

Ways ideas may evolve (3)

A
  1. A site looking for an idea
  2. A use looking for a site
  3. Capital looking for a development opportunity
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3
Q

Characteristics of a good project (3)

A
  1. Serves user well
  2. Adds value to the community
  3. Profitable
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4
Q

Determinants of property value (5)

A
  1. Location
  2. Accesibility
  3. Physical property features
  4. Neighborhood/environmental factors
  5. Public sector factors
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5
Q

Ways to generate ideas (7)

A
  1. Brainstorming
  2. Nominal group
  3. Delphi
  4. Environmental scanning
  5. Focus groups
  6. Surveys
  7. Design Charette
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6
Q

Back of the envelope pro-forma (3)

A

Step1: Estimate value after development
Step2: Estimate cost to develop (construction and land)
Step3: Compare value to cost

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7
Q

How is the public a partner (5)

A
  1. Planner
  2. Regulator
  3. Infrastructure Builder
  4. Legal Mediator
  5. Business Partner
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8
Q

Zoning

A

The principle land use regulation for localities.

Use and density restrictions and design standards

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9
Q

Capital Improvement plan

A

community planning tool used to coordinate the location, timing and financing of capital improvements over a period of usually 4-6 years.

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10
Q

Building codes

A

a set of rules that specify the minimum standards for constructed objects such as buildings and nonbuilding structures

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11
Q

Subdivision controls

A

preliminary plat- map of proposed subdivision
final plat- map of final subdivision
Standards: drainage, streets, sidewalks etc

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12
Q

Comprehensive plan

A

community goals and aspirations in terms of community development.

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13
Q

Is planning and zoning conservative or liberal

A

Both

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14
Q

Conservative planning and zoning (4)

A 
Arguments in favor:
1. Protecting property values
2. lowering taxes
3. economic development
4. conserve natural resources
Against:
Inefficient, property rights, affordable housing
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15
Q

Liberal planning and zoning (4)

A
  1. Environmental protection
  2. reduces social costs of private enterprise
  3. access and housing for all
  4. promotes environmental justice
    Against:
    exclusionary, impedes progressive design, promotes sprawl
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16
Q

Legal basis for land use controls

A

Legislative and Judical

17
Q

Legislative (2)

A
  1. A state power devolved-lower levels have power
    2.via enabling acts
    based on police power- making of laws
18
Q

Judicial (4)

A
  1. Balance police power against constitutional protection (judge)
  2. Roughly proportionality and due process (fair treatment)
  3. reasonable economic use remains
  4. may require compensation- payout
19
Q

Option property for complete feasibility study (3)

A
  1. Agreement on sole right to purchase at a price within a time- removes the property from the market
  2. Consideration/payment is forfeit if no purchase or put toward purchase if there is
  3. Gives time for detailed feasibility
20
Q

Types of options (5)

A
  1. Straight option
  2. Declining credit option
  3. Price escalation option
  4. Rolling option
  5. Lease and release
21
Q

Straight option

A

Off the market for a price and time

22
Q

Declining credit option

A

less option money applied to purchase price as time progresses; encourages early exercise

23
Q

Price escalation option

A

additional amounts are paid over time to allow for longer options, or higher land price paid

24
Q

Rolling option

A

allows a builder to control a number of lots and add another once he uses one

25
Q

Lease and release

A

builder controls more land than needed by paying rent on excess; land is then released to the builder when he pays a certain price

26
Q

How do you prepare an impact study (6)

A
  1. Define scope
  2. Inventory existing conditions
  3. Compile community standards and guidelines
  4. Project assess the impacts
  5. Incorporate mitigation measures
  6. Monitoring/ enforcement
27
Q

Direct effects/impacts

A

occur at same time and place of action

28
Q

Indirect effects/impacts

A

later in time/more distant but reasonably foreseeable

29
Q

Cumulative

A

from the incremental impact when added to other past, present, and foreseeable future actions by any person/agency

30
Q

Significance impacts to consider

A

Context: setting of the proposed action and how that impacts society, the affected region, the affected interests, locality.

Intensity: Severity of impact; impacts on health, unique features, endangered species, violation of environmental laws or standards

31
Q

Mitigation (6)

A
  1. Not taking risks
  2. limiting action
  3. repairing or restoring
  4. Reducing or eliminating over time
  5. Compensating for impacts
  6. Monitoring the impact and taking appropriate corrective measures
    - insufficient for sustainability
32
Q

Public private partnerships

A

public involvement as developer, lender, investor, lessor, or operator in collaboration with private investors and owners

33
Q

purposes of public private partnerships (5)

A
  1. Stimulate development
  2. feasibility
  3. affordability
  4. raise land value/increment
  5. control what occurs on a particular parcel.
34
Q

Federal definition

A

rent or mortgage < or = 30% of gross household income (for household earning 80% of county median income)
Limits: ignores area efficiency, accessibility, property condition and neighborhood condition

35
Q

Net Operating Income (NOI)

A

NOI = EGI - operating expenses

Financial productivity = NOI = ((leaseable sqft x rent) x occupancy) - operating expenses

36
Q

Option

A

a contract which gives the buyer (the owner) the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price on or before a specified date.

Land Development (2 decks)

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