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2 <br />1 reviewed the map of the area. He said the plan was adopted in June of 2011, and staff has <br />2 been working on implementation. He said an economist on the planning board analyzed this <br />3 plan and came out with a potential market for this district of about 250,000 square feet of retail, <br />4 280,000 square feet of hotel, 360,000 of office, and about 1,000 residential units. He said <br />5 these numbers were the backbone of the transportation impact analysis to determine how to <br />6 make traffic, bike and pedestrian improvements to help the district function. <br />7 Dwight Basset the past few years have included functional engineering on traffic and <br />8 future potential transit improvements, as well as consideration of storm water engineering <br />9 solutions. He said the council adopted a goal of 30 percent of the housing units being <br />10 affordable housing. He said the idea is to pull as much traffic as possible back from Ephesus <br />11 Church and Fordham Boulevard and distribute it better. <br />12 He said the town is looking at a total of $10 million in public cost just to fix all of the <br />13 broken systems in the development and allow future development to proceed. <br />14 <br />15 Eric Feld reviewed several PowerPoint maps and charts. He said the framework <br />16 approved by the council in 2011 was reinforced in the Chapel Hill 2020 comprehensive plan. <br />17 He said this project was listed as an immediate priority, and there was also an action to <br />18 consider form based coding as a regulating tool for this area. He said form based coding is a <br />19 system of regulations intended to focus on the form of an area by focusing on the public realm <br />20 from one building to the next. He said through this predictability the town hopes to harness an <br />21 environment that will encourage re- development, which will allow for self financing of <br />22 improvements. He said the town is going through a public process with the form based coding <br />23 to refine the regulations. <br />24 He reviewed a map of the 190 acre planning area, as well as proposed design drawings. <br />25 <br />26 Kenneth C. Pennoyer reviewed the following PowerPoint slides: <br />27 <br />28 Redevelopment will enable self - financing of public improvements by using a "Synthetic" <br />29 Tax Increment Financing. <br />30 <br />31 The Town is planning an installment financing to pay for $10 million of Ephesus Fordham public <br />32 improvements by combining financing with the Town Hall Renovation Project <br />33 <br />34 Synthetic Tax Increment Financing <br />35 Funds for repayment of the debt will come from the additional (incremental) taxes generated <br />36 from the redeveloped properties <br />37 Total Annual Payments would be about $800,000 (20 years) <br />38 <br />39 Expected Development (Bar Graph) <br />40 2.2 Million Sq. Ft. & $260 Million Value <br />41 <br />42 20 Year Cost Benefit Comparison (Graph) <br />43 Cumulative Debt Service & Town Property Tax Increment <br />44 <br />45 Major Revenues Schools & County (chart) <br />46 <br />47 Proposed County Participation <br />48 Lesser of 50% of the actual tax increment or 50% of the actual Debt Service on the $10 million <br />49 of public Improvements <br />50 Maximum Annual Payment would be about $400,000 <br />