Agenda - 06-03-2008-5b5b - Laserfiche WebLink

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~~ Dl~AFT M~'TES 2 1 Commission about the application and to ask additional questions. There is also the opportunity 2 tonight for the applicant to submit additional evidence based on questions they had at the 3 previous meeting. At the conclusion of whatever we get through tonight, there are some options 4 within the abstract about convening into another public hearing or directing things to the 5 ~'lanning Board for their deliberation, as shown in Options A, B, C, or D. There's not additional 6 staff presentation necessary tonight. The main intent is to hear additional questions so that the 7 applicant can respond with additional testimony or direct it to where the information is. The $ applicant does have additional evidence they would like to provide. I'll turn it over to the 9 applicant representative. 10 11 Bill Hutchins: I'm the attorney for the applicant, and at this time, I would like to call Vic Knight 12 as a witness who is going to provide testimony as to how the project will affect the value of the 13 contiguous property. Mr. Knight, if you'll come up and state your name and your qualifications 14 and confirm that you have been sworn. 15 16 Vic Knight:. I am a certified residential appraiser here in Orange County and have been 17 operating Chapel Hill Appraisals for close to 25 years, and have done a number of impact 18 analyses here in the County, including some of the previous cell tower locations, more 19 . specifically, the Martin-Marietta quarry operation down on 54, we've made presentations to you 20 before. 1 do have an analysis here, I'll pass out some copies, and one original. 1 have been 21 sworn. Briefly, I was requested by the applicant to do an impact analysis on the surrounding 22 area of the Buckhorn Village development. These pages will summarize my findings in that. 23 Looking at the project and making the assumption that it was 100% complete, as proposed, I've 24 been given copies of a variety of their plans -transportation plans, land use plans, etc. -there 25 are select copies in your report as well. In looking at that, what we basically did was~tour the 26 location with kind of a bird's eye view of the area and the surrounding communities and started 27 looking at various plans to make sure we kind of understood what was going to be proposed in 28 the area. Immediately, we began to look at competing or similar locations. I chose one that 29 we've used and.done considerable amount of analysis with. The Wildwood subdivision, which 30 is located off of NC 86, just south of Hillsborough, which most folks would recognize being down 31 across from Piedmont Electric and more or less behind the Wal-Mart shopping center and 32 Home Depot. That subdivision has been in existence for quite some time, and the reason we're 33 choosing that as the beginning point was to get a general understanding of what's been 34 happening in there in terms of its appreciation levels, the market reacting to that location for a 35 couple of different reasons -one, it is close to the interstate, it is also on a major north/south 36 arterial here in the County. After looking at the analysis, which is contained on the back side of 37 the report, the analysis, over approximately the last 15 years, that particular development has in 38 fact been on average looking at about a 5.5% appreciation level. There have been a number of 39 sales and re-sales in that particular location that shows that continuation of appreciation in that 40 location. It also includes sales and re-sales in the Wildwood subdivision after the construction 41 and occupancy. of Wal-Mart as well as Home Depot. In effect, what has happened with the 42 major commercial operation coming to that area, there hasn't been any negative effect on the 43 Wildwood subdivision over an extended period of time, including the creation of that particular 44 Hampton Pointe location. 45 The next step is to basically look at other locations and see whether or not it might be-- 46 unique in its own fashion, what would that do to Hillsborough, or Orange County, or some other 47 particular dynamic that might be going on, So, the next best location that begins to reach 48 similarity to this particular project is frankly, Southpoint mall in southern Durham. There are a 49 number of pages in the` report. We looked at~three different residential subdivisions in that area, 50 all of which are immediately south of the Southpoint mall location. If you can visualize a , 51 triangulation between 751 and the east side of Southpoint, in essence come to a "V"south of (~ (~ (~