Agenda - 06-03-2008-5b5a - Laserfiche WebLink

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25 1 economies as opposed to importing big guys. I was deeply impressed by the quality of your ~ 2 presentation, particularly along the sustainability lines; (think his four suggestions or 3 modifications to encourage the local businesses would make a big difference. I previously 4 submitted a document that has a summary of my concerns, plus some of the evidence. So I S hope that will get into your packet. I would say that I see Buckhorn as an important issue 6 because it highlights the tough choices we're facing as how to best build long-term economic 7 vitality for all regions of Orange County and all its constituencies, bath rural and town. The 8 question for me is less how many shoppers are we -going to get into Orange County, but how 9 many kinds of things is Orange County going to be producing, what kind of services we're going 10 to be adding that we can sell to other people and exchange among ourselves. I am very 11 impressed with how thoughtfully this project has been developed and researched, but I also 12 have to say that, unfortunately, there is good reason to believe that this research is based on an 13 economic development model that is in the process of failing nationally and globally, and 14 certainly at locations across this country. I see it as a terrible mistake to try to apply it here, 15 especially in light of the increasing problems of peak oil, of drought, and of global warming. So, 16 the evidence, as I see it, suggests that Buckhorn Village is likely to do more economic harm 17 than good. Current economic theory places a huge emphasis on GDP growth and the large 18 corporation and development projects that increase it most. About 30 years ago this emphasis 19 spawned, an economic development strategy that has been irreverently named "The Big Game 20 Hunting Project." That is; using incentives fio lure big manufacturers, retailers, and other large 21 corporations, which officials hope will bring in jobs and tax revenues. Unfortunately, while this 22 strategy may increase tax revenues in the short-term, research shows that it erodes the 23 surrounding local economic networks, siphons away local dollars, and costs more in tax dollars 24 infrastructure overhead, increased pollution, and lost jobs than the local businesses that it 25 destroys. Unless we can make allowances for creating local enterprise networks I suspect that 126 Buckhorn is less an advantage than a detriment. 27 28 Bill Bunch: I have been sworn in. I'm here tonight as a resident of Orange County and also as 29 a Certified Public Accountant and a local business owner. I'm also Chair of the Chapel Hill- 30 Carrboro Chamber of Commerce. I'd like to applaud the Commissioners for your foresight in 31 putting an economic development district right beside a major transportation artery many years 32 ago. The projected sales tax revenue, $5 or $6 million, from this project will materially increase 33 the County sales tax base. And the projected $125 million in commercial property value will 34 materially increase the projected property tax revenue. These funds can be used to pay for 35 school teachers. There is. significant pressure from the two school boards for the County to fund 36 schools at a regional level, and fihisproject would bring more revenue that would fund a lot of 37 school teachers. We're using local developers, and I applaud Buckhorn Associates. The 38 project is being developed by some of the best and brightest developers in the area who are 39 sensitive to the culture and desires of the citizens; they have experience doing very high-quality 40 mixed-use projects. This isn't outside developers coming into town, these are our local Orange 41 County developers, and we support that. We encourage proactive collaboration with the~County 42 and also the local neighbors -with Efland, with Mebane, with the Town of Chapel Hill, with 43 Carrboro, with Hillsbarough, the Hillsborough Chamber of Commerce, and the Chapel Hill- 44 Carrboro Chamber of Commerce. We think that if we work together and collaborate, we can 45 attract the type of local business that will be the right mix for our community. On behalf of the . 46 950 members of the Chapel Hill-Carrboro Chamber of Commerce, we enthusiastically endorse 47 this project. 48 49 Jim Stock: I have been sworn in. I am a Carrboro resident. I own a small business that would 50 in all likelihood benefit financially from alarge-scale commercial development at Buckhorn, yet I 51 am almost appalled that the vision for the future of Orange County is a mall. This is not why we