Social and Economic Issues Flashcards
Business Improvement District
area has increased taxes to fund public space improvements to enhance appeal; all benefiting business owners pay
Tax Increment Financing
civic improvements to stimulate development are bonded; bond is paid off based on tax increase on properties which are assessed at a higher value after improvements
General Obligation Bond
used to fund public projects that receive voter approval; all taxpayers in jurisdiction pay bond through increased property tax
Developer Impact Fee
used to fund infrastructure needed to support new developments; generally paid by developer, who looks for areas with lowest fees
Debt Service
long-term cost to owner to pay off construction loan; not included in project cost
Ad Valorem Tax
based on value of property (latin means “according to value”)
may be assessed at time of purchase or annually
Amoritization
decreasing or accounting for an amount over a period of time
Deed Restriction
limitation on use of property (typically by original developers) that can’t be changed by future owners
Restrictive Covenant
limitations and stipulations in residential settings related to vegetation, pets, storage…
Affirmative Covenant
commits buyer to performing duties, usually maintenance. could be condo fees, etc.
Conditional Covenant
a covenant which, if violated, causes property to revert to previous owner or heirs of owner
Easement
right to use portion of property without ownership, typically for utilities
Right-of-way
right to cross private property to access property
Party Wall Agreement
agreement on how to carry out building work on wall shared by 2 owners
Blanket Loan
developer uses to purchase land intended fo rsubdividing and resale; each lot is releaed from loan at sale and debt is repaid as part of sale price
