Minutes 05-15-2014 - Laserfiche WebLink

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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 CIP. She is concerned with the fact that there are different numbers coming from different places regarding student projections. She asked where the numbers come from. Clarence Grier said the information was provided by the schools based on Schools Adequate Public Facilities Ordinance (SAPFO). Commissioner Rich said won't there already be students in the school district that might be moving into one of these apartments. She would like to have this information in the packet. Michael Talbert said the extra information can be brought. He said the figure is .3 students per household in a multi-family setting. Craig Benedict said the SAPFO numbers are broken into elementary, middle, and high school. He said all of them together would equal something in the .2 range. He said it is important to know that these numbers were based on multi-family units in Chapel Hill back 20 years ago, and the new study looks at new buildings over the past 10 years. He said if new numbers come from this study, then those figures may be more realistic. He said the current projections were done by consultants based on information available now. Commissioner McKee said Chapel Hill approved the plan on Monday night. He asked for clarification on where this project stands now. Dwight Bassett said the Town approved the form based zoning to allow the re- development to occur. He said there had been previous steps and resolutions regarding financing. Ken Pennoyer said the council has passed a reimbursement resolution allowing the town to reimburse itself from the proceeds of debt issued in the future, so that the Town Hall and the Ephesus improvement projects can be funded. Commissioner McKee said the abstract notes that there is funding available to cover the gap for the first fiscal year; and he heard the earlier comment that if costs come in higher there is funding to cover that. He understands that the County's participation is not required to make this project possible. He asked if this is correct. Ken Pennoyer said if the County does not participate it would be make the town's financing weaker, but they would still move forward. He said without County participation, the town's coverage would be marginal and break even. Commissioner McKee clarified that the development will be moving forward regardless of County participation in the financing and Ken Pennoyer said that was correct. Commissioner McKee said that answers his thought that the increased expenses and revenue will be there regardless of County participation. Commissioner porosin said this proposal has a 20 year term. He asked if any agreement that is adopted would have some sort of provision or relief valve built in to allow for renegotiation if the project has to be scaled back. Bob Jessup said this is based on whatever the parties want to put into the contract. He said the County's obligation will be put in terms of a lesser portion of A or B, and it would not strike him that there would be a need to pull out. He said if the County were to say that