Minutes 02-23-2012 - Laserfiche WebLink

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Cost estimates range from $2.0 to $6.0 million for a station. Just the cost of the platform (approximately 400 feet) and locating a small 500 square foot modular building on site are approximately $1.0 million. This does not include the cost of road access and various utilities. To help fund the costs associated with a station and minimize impact of the operating budget, the Town is considering putting out a Request for Proposal (RFP) to developers to consider offers to purchase and develop a portion of the property. If this strategy is implemented, it would be done at an appropriate time in the future. Ideally, this would help pay for any expenses the Town might incur in bringing a train station to Hillsborough and Orange County, allow for a more coordinated effort in developing a transit-oriented development, and possibly assist in funding a relocation of the HYAA ball fields, if necessary. Craig Newton, a Facilities Engineer with NCDOT, will be present at the meeting to share additional information and respond to any questions. Staff will provide any other information at the meeting, and the Boards can discuss issues related to this item as necessary. Attachment 4-d - Hillsborough Train Station Sketch Site Plan Hillsborough Town Manager Eric Peterson said that they have the property but have been unsuccessful in getting the funding for the station. Things are looking very positive. One of the benefits is the opportunity to do a transit-oriented development. Craig Newton, Facilities Engineer with NCDOT, said that he has worked for NCDOT rail division since 2000 and he has worked on train stations during this time. He said that he has worked with the Town of Hillsborough for a while now and he has seen a huge untapped market for trains coming through Orange County. He said that NCDOT is hoping to be a financial partner in this project. The environmental study needs to be completed and that will put NCDOT in a better position to receive state and federal grants. He has looked at separating the track project from the station project because they do not depend on one another. The train station would be about a$7-8 million project. The typical funding split for most of the station projects has been 80% federal, 10% state, and 10% local. He said that it would be difficult to do a project of this size without a federal funding partner. Commissioner McKee asked if the track upgrades would accommodate commuter rail as well as the Amtrak. Craig Newton said that there is a separate effort to look at capacity analysis to see how this would work. He did not know the answer. e) Possible Marketing Opportunities for Waterstone and Surrounding Economic Development District (EDD) Properties Orange County Economic Development staff has had several meetings with Waterstone's Texas-based developer and North Carolina representative in Raleigh, Jim Ciao of Stratford Land, to include a recent meeting on February 11, 2012. Staff maintains contact with the development group to assess the owner's current strategy to market Waterstone's currently available site inventory. Separately, staff has also met with various other developers and realtors who have previously expressed interest in adjacent land tracts, such as along Interstate 40 and Old NC 86, that offer business recruitment potential. The Economic Development office has also prepared targeted marketing brochures for Waterstone and the other developable properties in the Hillsborough Economic Development