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used and noted that the residential fiscal impact model is in need of an update. Also, <br />there are some assumptions that also need an update like the differentiation between <br />multi-family, single-family, townhouses, student generation rates, and the value of <br />housing. He mentioned that if the residential analysis for Corbin Downs was in the <br />County it would show a positive cash flow. The apartment complex would show a <br />negative cash flow. When the single-family, adult care, and assisted living are added to <br />the apartment complex, there would be a positive cash flow. The assumed taxable value <br />of the units that were given by the developer were reasonable for residential. However, <br />Craig Benedict felt that some of the others were unreasonably high. Even with those <br />high numbers there was only a marginal surplus for the County. These figures do not <br />account for capital expenditures; for example, what it would cost to provide a school. He <br />referred to Table #1 and Table #2. He said that table #1 shows another way to figure <br />the residential fiscal impact. He discussed items 1-9. This model takes all of the <br />expenditures in those various departments (items 1-9) and calculates the cost per <br />person in the entire County. A per capita cost is then calculated for what it takes to do <br />the community maintenance function. After adding this together approximately $1,293 <br />per person would be spent to allow the County to provide its services to each individual <br />that would be in this subdivision. <br />Commissioner Carey asked if any Public Works was used. <br />Craig Benedict said that Public Works was not used. <br />Commissioner Jacobs asked if Public Works counted solid waste. <br />Craig Benedict said it would be a separate provision eventually. He said that <br />looking at it now, he does not think the $76 should be in there. <br />John Link said it is not a problem because part of Public Works includes the cost <br />of maintaining the solid waste collection centers. <br />The total cost to provide services to the resident population of this project would <br />be over two million dollars. The calculated amount of residents for this project is 1,938 <br />people. He explained that the non-resident population includes employees who come to <br />work, people who come to visit, patrons, and how much traffic is generated from those <br />employees. He said the amount of traffic that would be generated from this project <br />would be approximately 35,000 trips per day. When the non-residential population is <br />added to the residential population, the cost is increased to three million dollars. He said <br />that a lot of these calculations are assumptions, but he tried to be as realistic as possible <br />with the material that was available. Table #2 shows how much revenue would come <br />from various sources from this project. The County receives revenue from those <br />categories from this table. He used only revenue that the County would receive given <br />that this project would be in Hillsborough. The total amount of revenue is approximately <br />three million dollars. The figures from the expenditures and the revenue came out very <br />close. There is only a $4,000 surplus. This is assuming that the values are correct and <br />that there is complete build out. Some of the values of the retail, office, industrial, and <br />hotel properties are in line. The hotel value that was calculated at two million dollars an <br />acre for five acres is unrealistic. He used the values that were provided by the <br />developer. If those values all show up and they build 1.6 million square feet of non- <br />residential property, and they build all of the residential, there would almost be a wash <br />financially. <br />Chair Gordon asked if it was operating and not capital. <br />Craig Benedict said it is not capital. The road infrastructure is the other capital <br />item, and that would be handled by the developer and then turned over to NCDOT in <br />some manner. The cost for water and sewer lines are included in an agreement <br />between the developer and the Town of Hillsborough. There is a deficit in the revenues <br />at first for the water and sewer, but eventually it becomes very profitable because of the