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

Browse Search

irr- STRATEGY 5 ALI North Carolina Department of Economic Development), regional level (e.g. Research Triangle Partnership), and local level (e.g. Town of Chapel Hill Economic Development Office, Orange County Office of Economic Development, Visitors Bureau, Chamber of Commerce, etc.) that are designed to focus interest and economic activity. It is the consultants opinion that if policy and positioning strategies are put into place, a more aggressive and result - oriented promotional strategy can be put into effect through increased communication and shared tactical efforts with these and other organizations. Some particular suggestions for the promotion element of an office market capture strategy include, but are not limited to the following: Mandate that 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). Merge 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. Fund 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 a public investment, but the anticipated economic and fiscal impacts should easily offset the cost. 8.4 Economic and Fiscal Impact Potential 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 net -new property and personal property taxes, job creation, expenditure of wages and salaries, spending by operations, etc. A complete economic and fiscal impact analysis of future office potential in Chapel Hill was beyond the scope of this assignment however some illustrative projections may be useful. The Statistical Abstract of the U.S. and U.S. Census Data are the primary sources for these projections. All numbers are expressed as 2010 dollars. Using the current Effective Combined Rate in Chapel Hill, each $100,000 of property value generates approximately $1,338 dollars in total tax property revenue (distributed to various entities). • Using the net additional office supply (Section 7) projection of 1 million square feet and a unit cost of construction of $200 per square foot (2010 dollars), and market valuation/assessment using those variables, a net new taxable base of $200 million is derived. 43