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Castle Valley Planning Study
Principles or Criteria for Success1 Open and Collaborative Process. The aim of this planning process is to define both a conservation and real estate product for the parcel of Utah School Trust Lands (the "Trust") identified on the attached map. This process should meet the primary objectives of the Town, the Trust and the Castle Rock Collaboration (CRC). All parties recognize that they are starting with very different objectives but that the risks of not exploring creative alternatives in a collaborative fashion far outweigh the consequences of typical disposition and conventional development of these properties. In order to arrive at an acceptable plan, all parties must be willing to openly explore alternatives without commitment to preconceived solutions. There is mutual risk taking. All parties desire to maxintize benefits and minimize potential losses through this joint planning process. All parties enter this process with constructive, open and flexible attitudes.
2 State Trust Objectives. The primary objective of the Trust is to realize an economic return from the disposition/use of these lands for the benefit of the state school trust, which is comparable to the fair value of these lands at the time of disposition. In addition, the Trust desires to explore strategies that add value to its properties, including timing or phasing approaches and to work cooperatively with the Town of Castle Valley and CRC so that the conservation and real estate products produce public benefits far greater than simple disposition of these properties.
3 Castle Valley Community Objectives. The primary objective of the Town of Castle Valley and CRC is to see that the lands that have important conservation values on the Trust properties are protected to retain those characteristics for the benefit of the Town and County residents, the State of Utah and the national and international visitors who annually experience the valley. When the Town, CRC and their partners acquire lands, or interests in lands, in order to protect conservation values they expect to pay fair value for these interests. In the event that neither the Town, CRC or their partners are able to acquire lands for conservation purposes, and to the extent that real estate development is indicated on these properties in order to generate economic value for the Trust, new development should respond to the preferences and interests of the Town and CRC so that the development both fits in the landscape and responds to input from the local community.
4 . Conservation and Development Opportunities, Constraints and Strategies. All of the Trust parcels should be analyzed for their conservation and development potential and value. The objective of this exercise is to define those parcels that have high conservation values, high opportunities for development or a n-iix of conservation and development opportunities. The planning process will then focus on not only the type of conservation and development products that are appropriate for these areas but also strategies to achieve the Trust's financial objectives and the Town's and CRC's community objectives. A full range of creative conservation and development options should be considered.
5 . Real Estate Product. In defining the types of potential real estate products, preferences shall be given to those kinds of development which fit in and blend with the natural landscape, which meet the Town identified needs, which meet economic objectives and which minimize the amount and area of disturbance. The Town, CRC, and the Trust desire that the development product be accessible to a diverse range of potential buyers. In exploring alternative real estate products, a diversity of locations and product types should be considered. The Town expects that new development will pay its own way, that the Town will not be subsidizing the costs of new development and that the pace of development will occur at a rate that does not overwhelm Town services. The Town, CRC and the Trust will have to identify the types of development which are desirable from their different perspectives.
6 . Conservation and Development Plan and Time Table. The ultimate plan should identify the conservation and development program for each of the Trust parcels. In this fashion, the parties will have the assurance that the maximum allowable level of development for each of the parcels has been defined. In addition, the planning process should explore the concept of developing a time frame for disposition of the parcels. This time frame would identify the minimum amount of time prior to the development or marketing of each of the parcels. No parcel would be disposed of prior to the date identified in the proposed timetable. The objective of this time table concept is twofold: (i) to give the Town of Castle Valley, CRC and their partners reasonable time to develop alternative acquisition or protection strategies which might lessen the impact of development or lead to greater conservation benefit, and; (ii) to identify a set time frame for the Trust which would allow reasonable disposal of the individual parcels, with the assurance that the Town will support such development. In conjunction with the timetable, the planning process should explore the strategies and structures for granting the Town, CRC and their conservation partners, the opportunity to acquire certain lands or interests in lands.
7 . Valuation. The Trust will ascertain through analysis or appraisal that the plan developed through this process has comparable value to open market disposition, minus any retained interests. This valuation should occur throughout the planning process so that the process may respond creatively to information generated through these analyses. The valuation process should be done in a manner that enhances the credibility of the conservation and development products.
8. Implementation. The Town, CRC and the Trust understand that various agreements will need to be approved by the governing boards of the implementing parties. All parties agree to a good faith commitment to seek any reasonable means to achieve the stated objectives of the parties.