Agenda - 01-22-2015 - 6a - Laserfiche WebLink

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I contribution impacts the 20 Year Cost Benefit Comparison. 2 Ken Pennoyer said, in looking back at the last presentation, he noticed that the numbers 3 used for student generation were wildly different than the numbers being used by County 4 staff. He said the Town was estimating 105 students based on the 2007 student generation 5 numbers for multifamily housing. He said the County estimate was 450 new students, and this 6 is significantly higher. He said this was based on the housing generation for all different types 7 of housing. He said a new, preliminary set of numbers have just been received for 2014. He 8 reviewed the slides on these numbers and said the figures are broken down by areas and 9 house size. He said the estimate, based on these new numbers, is a range of 179 to 284 new 10 students. 11 Ken Pennoyer said the difference from the initial presentation is a suggested approach 12 where the town provides an annual project report that will form the basis of the County's budget 13 decision making with regard to funding. 14 Commissioner Pelissier said there is a project being submitted by Chapel Hill tomorrow 15 at the Metropolitan Planning Organization (MPO) meeting. She said is a project for over $2 16 million for the intersection of Ephesus Church and Fordham Boulevard. She would like to know 17 what other transportation projects might come from DOT money. She would also like to know 18 how this project being looked at by the MPO plays into the Ephesus Fordham project. 19 Ken Pennoyer said there is a $2.1 million project being submitted to the DOT, and this 20 would actually reduce the $8.8 million in costs associated with roadway projects. He said this 21 would come in the form of a reimbursement in 2018, so the full amount would still be borrowed 22 initially, and then the $2 million would be an early redemption to reduce the overall cost. 23 Commissioner Pelissier asked if there are any other projects in the MPO plan that relate 24 to road improvements in this area. 25 Dwight Bassett said there is an additional request related to studying a bridge that 26 connects over the wetlands between Eastgate and Whole Foods, but there are no other 27 requests related to roads. 28 Commissioner Pelissier referred to the slide on cost benefit comparisons. She asked if 29 staff had calculated how much of a property tax increase would be needed to close the gap 30 Ken Pennoyer said it would be in the range of a 1 to 2 cent increase. He said this would 31 have to happen in the early part of the project, as it would take awhile for enough development 32 to happen to create the revenue; however, he said the plan was to use fund balance in the debt 33 management fund in order to fill any initial gap. 34 Commissioner Gordon acknowledged Commissioner Elect Mia Burroughs, two members 35 of the Chapel Hill Town Council, George Cianciolo and Maria Palmer, and Chapel Hill Mayor 36 Mark Kleinschmidt. She asked about the economic impact analysis that was mentioned as part 37 of the annual report. 38 Ken Pennoyer said staff would look at what was being built and the impact with regard to 39 retail sales, employment, and basic increases in value and property tax. 40 Commissioner Gordon asked if an analysis like this is available now based on the 41 figures that are known. 42 Ken Pennoyer said a large cost benefit analysis has been done for the overall 43 project. He said this is a fairly large undertaking, and once you get beyond 10 years it is pretty