Minutes 03-27-2014 - Laserfiche WebLink

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2010 of completing a small area plan for this district in hopes of realizing some economic development opportunities. He said this was followed by a 7 month planning process. He reviewed the map of the area. He said the plan was adopted in June of 2011, and staff has been working on implementation. He said an economist on the planning board analyzed this plan and came out with a potential market for this district of about 250,000 square feet of retail, 280,000 square feet of hotel, 360,000 of office, and about 1,000 residential units. He said these numbers were the backbone of the transportation impact analysis to determine how to make traffic, bike and pedestrian improvements to help the district function. Dwight Basset the past few years have included functional engineering on traffic and future potential transit improvements, as well as consideration of storm water engineering solutions. He said the council adopted a goal of 30 percent of the housing units being affordable housing. He said the idea is to pull as much traffic as possible back from Ephesus Church and Fordham Boulevard and distribute it better. He said the town is looking at a total of$10 million in public cost just to fix all of the broken systems in the development and allow future development to proceed. Eric Feld reviewed several PowerPoint maps and charts. He said the framework approved by the council in 2011 was reinforced in the Chapel Hill 2020 comprehensive plan. He said this project was listed as an immediate priority, and there was also an action to consider form based coding as a regulating tool for this area. He said form based coding is a system of regulations intended to focus on the form of an area by focusing on the public realm from one building to the next. He said through this predictability the town hopes to harness an environment that will encourage re-development, which will allow for self financing of improvements. He said the town is going through a public process with the form based coding to refine the regulations. He reviewed a map of the 190 acre planning area, as well as proposed design drawings. Kenneth C. Pennoyer reviewed the following PowerPoint slides: Redevelopment will enable self-financing of public improvements by using a "Synthetic" Tax Increment Financing. The Town is planning an installment financing to pay for $10 million of Ephesus Fordham public improvements by combining financing with the Town Hall Renovation Project Synthetic Tax Increment Financing Funds for repayment of the debt will come from the additional (incremental) taxes generated from the redeveloped properties Total Annual Payments would be about $800,000 (20 years) Expected Development (Bar Graph) 2.2 Million Sq. Ft. & $260 Million Value 20 Year Cost Benefit Comparison (Graph) Cumulative Debt Service & Town Property Tax Increment Major Revenues Schools & County (chart) Proposed County Participation