Agenda - 04-03-2012 - 5a - Laserfiche WebLink

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3 1 Economic and Fiscal Benefits 2 - Reduced or deferred road and parking facility costs 3 - Economic development benefits from agglomeration efficiencies and increased 4 productivity 5 - Increased property values 6 - Increased property tax revenues 7 - Ability to reuse/redevelop property currently used for parking (e.g. Friday Center lot) 8 9 Social Benefits 10 - Improved social cohesion through positive interactions among people in a community 11 - Improved fitness and health as a result of increased walking and biking to access 12 transit 13 - Reduced traffic accidents 14 - Improved transportation options, particularly for non-drivers 15 - Reduced consumer transportation costs 16 - Improved access to job opportunities for workers, increased labor market shed for 17 employers; improved ability to retain workers concerned with transportation costs 18 and reliability 19 - Neighborhood revitalization and better links between workforce housing and job sites 20 - Expanded market access for customers and clients (e.g. to UNC clinics) 21 22 Craig Benedict reviewed some maps and pointed out the tax benefits of the 23 transportation development. 24 John Copple-Hodges said that that the increase in value does not just come from new 25 construction, but also for existing structures. There would likely be increased sales. 26 Frank Clifton said now that the Board has made the decision on the NC 54 route, the 27 next decision is how to cost share with Durham County. 28 Commissioner Yuhasz asked about the assumptions on the ridership numbers and the 29 modeling that was done. 30 John Copple-Hodges said that all of the modeling is based on the actual adopted 2035 31 plan. 32 Chair Pelissier said that at their next meeting, there will be a presentation on the NC 54 33 corridor. 34 35 b. Orange County Economic Development Benefits 36 Craig Benedict said that the Orange County Finance department put together some 37 information (hand out) on sales tax revenues for fiscal years 2006-12. The sales tax stream is 38 very critical because it will be the source for the light rail. Orange County has to find a way to 39 bolster sales tax opportunities. This is why the shared benefit analysis is being considered. 40 41 3. Future Development and Redevelopment Plans for 15-501 Corridor 42 Chapel Hill Mayor Mark Kleinschmidt made a PowerPoint presentation, which mostly 43 consisted of maps. He pointed out all of the areas on the maps. He spoke about the many 44 areas that will be redeveloped for economic development.