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b. Sanford Holshouser Economic Impact Analysis of the Buckhorn Village <br /> Project <br /> The Board received the report as comment and evidence regarding Buckhorn Village <br /> Planned Development and Special Use Permit. <br /> Willie Best introduced Crystal Morphis, Managing Partner in the Sanford Holshouser <br /> Business Development Group, which is the economic development consulting arm related to <br /> Sanford Holshouser law firm, which has been working with the County. She made a <br /> PowerPoint presentation as shown below: <br /> Economic Impact of the Buckhorn Village Project on Orange County, NC <br /> Crystal Morphis, CEcD, Managing Partner <br /> Overview <br /> • Engaged to examine the economic impact of the proposed Buckhorn Village project. <br /> • Information sources: <br /> o Public data <br /> o Previous studies <br /> o Economic Impact of Buckhorn Village, Orange County, NC <br /> o Orange County Tax Value Analysis <br /> o The Cost of Community Services in Orange County <br /> o County staff <br /> Buckhorn Village Project Overview <br /> • 130 acres @I-85/1-40, Buckhorn Road <br /> • Mixed-uses: anchor retail, lodging, restaurants, other retail, 200 multi-family units <br /> • 1,133 projected employed <br /> • $143 million estimated investment <br /> • To be located in a designated economic development zone <br /> Tax Revenue <br /> • $1.35 million in annual new property tax revenue upon build out <br /> • $6 million in new annual retail sales tax revenue, about half of which will be realized by the <br /> County (half being distributed to municipalities) <br /> • $92,000 in new lodging tax revenue <br /> • In addition to ongoing revenue, the construction phase is estimated to generate $875,000 <br /> in retail sales tax revenue and create 932 construction jobs <br /> Orange County Retail Market <br /> • Retail market is underserved and leaking dollars <br /> • Fewer retail establishments <br /> • Lower per capita retail sales <br /> • Lower median household disposable income to retail sales ratio (4th in MHHDI, 6th in <br /> MHHDI to retail sales ratio) <br /> • Smaller percentage of workforce employed in retail and accommodation and food service <br /> sectors <br /> • Comparable Counties: Chatham, Durham, Alamance, Wake, Johnston, and Cabarrus <br /> Project Costs <br />