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

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I 1 speculative as far as returns. He said this is available on their website. 2 Commissioner Gordon said it would be helpful to share this with the Board of County 3 Commissioners and the staff. 4 Commissioner Gordon asked Craig Benedict if the County's fiscal impact analysis might 5 be helpful to use here. 6 Craig Benedict said the County's fiscal impact analysis is focused more on residential 7 development, so it is not an appropriate model for non - residential developments. He said there 8 are new models out there to look at the multiplier effect. 9 Commissioner Gordon said that would be helpful. 10 Commissioner McKee referred to page 11, and he asked for more explanation of the 11 public and private improvement status and how this would be measured. 12 Ken Pennoyer said the public improvement status would be an update on the progress 13 toward roadway and storm water improvements. 14 Commissioner McKee said he understands that the improvements to the road make the 15 redevelopment more likely, but the improvements to the road do not factor into an increase in 16 tax revenue for the County. He asked how this is factored in with the performance report. 17 Ken Pennoyer said the performance report is more an update on the milestones the 18 Town has set for making progress on the project, and it will provide a snapshot of where road 19 development is and how this affects the potential for other development in the area. 20 Commissioner McKee asked if the Town is preparing an exit strategy in the event that 21 the County decides that the project is not meeting expectations. 22 Ken Pennoyer said he is proposing that this decision be made on an annual basis during 23 budget deliberations. He said part of this is based on the realization that money from new taxes 24 has a lot of demands. He said the purpose of the performance report is to illustrate the fact that 25 the project is creating value with regard to what was expected. He said the exit strategy would 26 only be needed if the County decides it has a higher use of those funds. 27 Commissioner McKee said this does not seem to align with the 20 year build out of this 28 project. He said he would think that there would be some expectation of the County to see this 29 through to the end. 30 Ken Pennoyer said the town would like to see a 20 year commitment, but they 31 understand that in order for that to make sense the project would need to perform and meet the 32 needs of Orange County in terms of economic development. He said staff obviously feels that 33 the project is going to meet the milestones in the development scenario, but they want to 34 structure it in a way that gives the County a choice. 35 Commissioner Dorosin said he wants to be clear. He said if these student projections 36 are way off and there are actually more students coming in, the County could choose not to give 37 the $400,000 to the project, and could allocate to the schools instead. He asked if this is an 38 accurate assessment. 39 Ken Pennoyer said that is the County's prerogative. 40 Commissioner Dorosin asked about slide 12 and said it looks like the payment would 41 only be less than the $400,000 in the first year. He said every other year it looks like the green 42 block is the same size. 43 Ken Pennoyer said this slide is based on a likely development scenario. He said the