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Agenda - 05-15-2014 - 2
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Agenda - 05-15-2014 - 2
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6/2/2015 1:58:07 PM
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5/12/2014 11:34:00 AM
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BOCC
Date
5/15/2014
Meeting Type
Work Session
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Agenda
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2
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Minutes 05-15-2014
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\Board of County Commissioners\Minutes - Approved\2010's\2014
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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 15, 2014 <br />Action Agenda <br />Item No. 2 <br />SUBJECT: Ephesus Church Road - Fordham Boulevard Public Improvements <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): <br />A) Town of Chapel Hill Public <br />Improvements Financing <br />Summary <br />B) Town of Chapel Hill Potential Tax <br />Revenue Analysis <br />C) County Revenue Analysis <br />INFORMATION CONTACT: <br />Michael Talbert, 919 - 245 -2308 <br />Clarence Grier, 919 - 245 -2453 <br />PURPOSE: To receive an overview and additional analysis of the County's potential <br />involvement in the Ephesus Church Road / Fordham Boulevard (Ephesus Fordham) Public <br />Improvement Plan. <br />BACKGROUND: The Town of Chapel Hill at the March 27, 2014 Joint Meeting with the Board <br />of County Commissioners presented an improvement project for the Ephesus Church Road — <br />Fordham Boulevard area within the Town of Chapel Hill. In order to support the renewal of the <br />Ephesus Fordham area, the Town of Chapel Hill must make investments in much needed traffic <br />and stormwater capital improvements. The project would be financed with the use of Tax <br />Increment Financing or Project Development Financing. Under this method of financing, <br />economic development projects move forward by pledging the anticipated growth in tax base as <br />a source of repayment. The theory is that the project being financed is enabling the tax growth <br />and therefore the project is and will be self- financing because, if not for the project, the tax <br />growth would not have occurred. <br />The Town of Chapel Hill would like the County to participate in the Ephesus Fordham Renewal <br />Project by pledging the lesser of 50% of the actual increment property tax revenues received or <br />50% of the actual annual debt service cost. The County could potentially benefit from <br />participating with the Town of Chapel Hill from increased property and sales tax revenues. <br />The budget impacts for the County would be committing an average of $385,612 over 18 years <br />for a total of $6,941,017 for the project (Attachment C). This also takes in account the possible <br />impact of adding approximately 450 new students in the Ephesus Fordham area of the Chapel <br />Hill — Carrboro City Schools District (CHCCS) over an 18 -year period that could increase the <br />
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