Agenda - 05-15-2014 - 1 - Laserfiche WebLink

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Above: 3D model of the `Value Per Acre" of Orange County. The focus of high property value is the intersection of Franklin St and Columbia in the heart of Downtown This value drops off in the lower density residential neighborhoods to the North and South of Franklin St Beyond this space towards the edge of the Rural Buffer the impact of development pressure becomes evident in the large value and scale of newer projects (Meadowmont, Southern Village, East 54). High profile downtown infill is the most efficient development formats in the county. Greenbridge and 140 West Franklin represent the highest value per acre in Orange County. development in Chapel Hill are what makes amenities like protected open space and free transportation possible. This study should serve as a guide to the financial impact of development patterns in the community. Pattern of Development When we want to understand the medical condition of the body we use a variety of imagery techniques to reveal different information. In much the same way one can examine the pattern of property value with a similar 'scan'. To fully understand this pattern we compare the value of property the space it consumes. Alternately we can look at Chapel Hill in terms of how much property tax each site generates per acre. This gives us a measure of its relative financial productivity. This way of looking at property provides some striking comparisons. For instance, the building which contains the Spotted Dog restaurant in Carrboro is worth $22 million per acre while the Walmart in Hillsborough is worth $600 thousand per acre. This shows that the Spotted Dog building is about 37 times more potent from a property tax basis. Another way of looking at this would be that just half an acre of the Spotted Dog buildings would yield the same property taxes as 22 acres of a Walmart. 6