FY2016 CCDOA Financial Report as of 6302016.pdf - page 130

Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
The original Cooperative Management Area ("CMA") acreage was established based on the
forecasted 1992 60 Decibel Day/Night Noise Level ("DNL") and higher noise contour
determined by the noise study established pursuant to Federal Aviation Regulation 14 C.F.R.
Part 150 (Airport Noise Compatibility Planning) and adopted in 1989. An updated noise study
was approved by the FAA in 2008 with forecasted noise contours for 2017, which were codified
into the Clark County Development Code on June 4, 2008. The 2017 noise contour is
significantly smaller than that of the 1992 contour, due in large part to advances in quieter
aircraft technology. The smaller noise contour results in approximately 3,600 acres of CMA land
falling outside the new 60 Decibel DNL noise contour. On May 7, 2013, the Board approved a
policy allowing landowners to apply for modification of certain restrictions on qualifying
parcels to reflect the change in the noise contour.
Following the change in the noise contour and Board approval, landowners no longer
restricted under the old noise contour had the opportunity to modify their deed to eliminate
the noise contour restrictions. The second phase of this program was completed in FY 2015. In
FY 2016, there were no transactions under this program. For FY 2015, $1.5 million of proceeds
was generated from these deed modifications, and the Department’s share of these proceeds
was $0.2 million.
Due to the uncertainty of any future benefit to the Department, a value has not been assigned
to, nor was income reported relating to, land not yet sold or leased under the Southern
Nevada Public Land Management Act of 1998. Gross proceeds from the sale and lease of
CMA land for the year ended June 30, 2016, were $6.7 million, and from inception to that date
were $150.4 million. The Department's share of these proceeds was $669.1 thousand for the
year ended June 30, 2016, and from inception to that date was $15.0 million. As of June 30,
2016, the Department has paid the BLM and the State of Nevada all amounts due.
Subsequent to June 30, 2016, the following significant events occurred.
1. On May 2, 2016, the County published a Notice of Full Redemption to the holders of the
Series 2006A Bonds. The outstanding principal balance on the bonds, $31.1 million, was
called for full redemption on July 1, 2016, along with all outstanding interest due.
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