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-~ <br />To: The Orange County Board of County Commissioners <br />The Orange County Planning Board <br />From: The Orange County Economic Development Commission <br />Ref: The Buckhorn Village Project <br />Date: May 12, 2008 <br />The Orange- County Economic Development Commission convened a quorum and <br />voted at its regular monthly meeting on May 8, 2008 to endorse and encourage the <br />development of the Buckhorn Village project. <br />The Economic Development Commission carefully studied the Five Year Strategic <br />Plan, Investing in Innovation, dated July 2005, which was ratified by the Orange <br />County Board of County Commissioners. The Commission evaluated the proposed <br />project according to the guiding principles outlined in this plan. We support the <br />development of Buckhorn Village as consistent with and facilitative of these <br />principles in the following ways. <br />G®AL 1: 7Co create 5000 new private sector jabs, at least 75% of which <br />will be filled by county residents. <br />During construction, the Sanford-Holshouser report estimates that 932 jobs will be <br />created during the construction phase of this development. The IlVIPLAN analysis <br />commissioned by the Chapel Hill-Carrboro Chamber of Commerce estimates that <br />approximately 70% of those employees will come from Orange County. Upon <br />completion and stabilization, this report estimates 1,133 jobs primarily in the retail and <br />hospitality sectors. These sectors rarely relocate employees and most positions will <br />likely be filled by local residents. <br />G®AL 2: 'To develop 125 li~L1®N D®LLARS in new commercial <br />property by June X010 <br />The developer estimates that upon completion, Buckhorn Village will create over <br />$143,000,000 in commercial property value based on county values for other similar <br />development in Orange County. The Sanford-Holshouser report anticipates that the <br />project will generate $1,348,000 in annual property tax revenue. The value is derived <br />primarily from retail, with hotels adding additional value. Office and residential <br />development will add additional value if approved and developed, but is not included in <br />the developer estimates. <br />The Five Year Strategic Plan also enumerates additional general components of desirable <br />economic development for Orange County. The Buckhorn Village project aligns closely <br />with these characteristics of highly desirable economic development for Orange County: <br />