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For Chapel Hill, its <br />greatest strength <br />is also its greatest <br />challenge. Chapel <br />Hill benefits in value <br />and employment <br />from the location <br />of UNC Chapel Hill ; <br />and the economic <br />impact to the com- <br />munity. Additionally, <br />it has implemented <br />a robust preserva- <br />tion of green space. <br />The challenge is <br />that those areas, <br />also take a tre- <br />mendous amount <br />of taxable property <br />off the tax base. B <br />comparison, Car - <br />rboro has only 25% <br />non - taxable within <br />its borders. <br />39% <br />61% Exempt <br />Taxable <br />,.�.s <br />Since the Rural Buffer is a boundary to outward expansion, the <br />efficiency of use within that barrier should be carefully considered. <br />The majority of space within the Rural Buffer is already developed or <br />undevelopable. From a financial perspective much of the remaining <br />space is further constrained by the amount of exempt institutional land. <br />This isn't to challenge the horizontal space available for development <br />or adjust the Rural Buffer, nor is it to contest the high level of public <br />services provided in Chapel Hill. The purpose is instead to recognize that <br />there is a balance sheet that weighs things like the rural buffer, public <br />schools, and free bus system against development choices. Preserving <br />open space, for instance, is admirable, important, and ultimately valuable <br />for the community but means that the space available for development <br />must be maximized. Chapel Hill provides an impressive standard of <br />public services, especially with regards to public transit and education, <br />that outpaces communities of greater size. These services, which ensure <br />the Town's high quality of life, likewise demand a sufficient financial <br />base to remain viable. Put simply, the peaks of high value per acre <br />5 <br />