Agenda - 10-07-2014 - 6a - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 9 Ken Pennoyer said the Town would either scale back the project or find a different source of revenue. Dwight Bassett said these costs are projected based on road projects that have actually occurred in this region. He said the projects have a 15 percent contingency in place for engineering and cost overruns, so staff is comfortable with the numbers. Commissioner Pelissier asked what the town's contingency plan would be if the County funds less than 50 percent. Ken said the town would use their debt management fund if the commitment fell short. Commissioner Pelissier asked if staff is familiar with any similar projects like this across the state. Michael Talbert said he is not that he is aware of, other than a large theater in Granville County that failed. Commissioner Pelissier clarified that she is asking about interlocal agreements, not the Synthetic TI F. Bob Jessup said he is not aware of any projects that are based on the tax increment but there are examples where a County agrees to make money available to a local government. He said he can work to come up with something more concrete on this. Commissioner Pelissier said she is talking about a project specifically like this one. Michael Talbert said is not aware of any examples for road improvements and stormwater projects. Commissioner Price asked about the anticipated impact on existing housing in this area. Dwight Bassett said many homes in this area are being rented, and staff believes that increasing the supply of multi - family housing will create new opportunities for home ownership in those adjacent neighborhoods. He said staff thinks the value of these neighborhoods will grow dramatically, and the development will make it a desirable area to live. Commissioner Price said her concern is affordability. She said if the value of current property goes up, rent and costs would increase, and many people may be displaced. Dwight Bassett said urban areas are beginning to realize that in order to meet market demand, they need to look at micro units. He said staff has had that conversation with the developers about including smaller, market rate, affordable units for those residents under that median income category. Commissioner Price asked if he is admitting that some people will be displaced. Dwight Bassett said the Colony units are actually substandard, and staff believed they can provide a better product at a similar market rate that will meet that need. Commissioner Price said she is fine with making the housing decent and safe, but she is concerned with the affordability. Dwight Bassett said this is a long term issue that needs to be looked at, but staff believes that increasing the housing supply in Chapel Hill will do more longer term to stabilize the housing rate. He said the growth has not risen to meet the demand in Chapel Hill. Commissioner Prices asked if there will be affordable units. Dwight Bassett said the BCBS site will meet the 15 percent standard for affordable housing. He said four sections of the district on the South side of Elliott Road have been withheld for rezoning and staff is considering options for giving density bonuses for including 10 percent affordable housing for new buildings. He said staff will be meeting with property owners to look at market conditions and whether that land is buildable. Commissioner Rich said Chapel Hill can only do what Greenbridge has done if the apartments are being purchased not rented. She said the development of Glen Lennox is not far away and the developer is very dedicated to affordable housing. Commissioner Rich said the Board should always keep in mind that if there is going to be 450 students they will need more schools, and those projections should be included in the