Agenda - 08-19-2010 - 1 - Laserfiche WebLink

Browse Search

C sreA mGY 5 51 A positioning strategy could include working to ensure that existing office projects receive the highest level of consideration in encouraging occupation of vacant space, continued tenancy of space, and demand for space that is in the development pipeline; Identification of development opportunities sites that coincide with site selection criteria, current Town zoning and regulatory framework, synergy with the existing office clusters and corridors, etc.; Preparation of small areas plans that further define and conceptualize office projects on the opportunity sites, as well as site - specific corridor plans, transit - oriented development (TOD) plans, etc.; Undertaking proactive developer /investor solicitations for these projects. • A promotion strategy needs to recognize the reality of a global market with technology transfer, transportation links, and increasing co- dependence between nations, industries, etc. There is already a sophisticated promotion and marketing system in place that can (and does) benefit Chapel Hill. There are a myriad of organizations at the national, state, regional and local levels that are designed to focus interest and economic activity. Some particular suggestions for the promotions element of an office market capture strategy include, but are not limited to the following: Mandating that local departments and organizations which perform promotional activities for the Town coordinate efforts with a clear leadership hierarchy in terms of pursuing capture of the office market (in this case); Merging the objectives of the Town with regard to office prosperity and development (as evidenced by the policy and positioning actions) with those of the Research Triangle Partnership especially. If they are already considered merged, then we suggest a higher level merger; and, funding these efforts through traditional and creative revenue streams — possibly tied to results in some fashion — that enable the promotional team to do its job effectively, and to enable competition at the global level. This will involve an investment, but the anticipated economic and fiscal impacts should easily offset the cost. • The logic for pursuing additional office development in Chapel Hill is based on this sector's ability to contribute to the economic and fiscal base of the community through contributions of property and personal property taxes, job creation, expenditure of wages and salaries, spending by operations, etc. Using the net additional office supply projection of 1 million square feet, a net new taxable base of $200 million (estimated) can be derived. This would generate approximately $2.68 million annually in net -new property taxes alone. New office development would generate approximately 2,100 FTE construction jobs with more than $140 million in wages and salaries paid to these workers who will in turn purchase goods and services, pay mortgages and rent, etc. The space will provide job space for about 5,000 workers who could pump $350 million into the economy annually. Leases will generate in excess of $28 million annually that will be spent by property management companies and developers to pay interest on loans, maintain staff, conduct maintenance and other services on the property, 8