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0 <br />1 Economic development offices with the Town and County should collaborate on the <br />2 recruitment of active investment clients and prospects. <br />3 <br />4 Ephesus Fordham Renewal Potential Economic Development for Orange County <br />5 • The Ephesus Fordham Renewal Planning incorporates consultant recommendations made in <br />6 2013 by Urban3, LLC which created a 3 -D visualization map showing property tax <br />7 revenue per acre throughout Orange County. The report's visualization tool showed <br />8 where the County's property tax revenues are derived, where property values are <br />9 highest, the link between higher density development and increased property tax <br />10 generation, and the positive economic potential of redevelopment of mixed use <br />11 projects. Higher density generally yields higher real estate market values and property <br />12 taxes. <br />13 • Urban3 LLC's study was jointly funded in a partnership between the Town of Chapel Hill, <br />14 Orange County (Economic Development), the Chapel Hill /Carrboro Chamber of <br />15 Commerce, area developers (East West Partners) and local real estate firms. <br />16 <br />17 Per Capita Income in North Carolina Orange County & Adjacent Counties — 2012 (bar <br />18 graph) <br />19 <br />20 Annual Retail Sales Tax Per Capita Orange County & Adjacent Counties — 2012 (bar <br />21 graph) <br />22 <br />23 Retail Sales Taxes Per Capita Orange County vs. Durham County — 2012 (bar graph) <br />24 <br />25 Retail Sales Tax Leakage - 2012 Orange County vs. Alamance & Chatham Counties (bar <br />26 graph) <br />27 <br />28 Steve Brantley noted the significant leakage of retail sales tax. He said any retail <br />29 development that occurs within Orange County, especially this close to Durham County's <br />30 Patterson Place and New Hope Commons, is a plus in both job creation and retail sales tax. He <br />31 said Orange County is highest in terms of per- capita income, but it is 81St in retail sales tax per <br />32 capita. <br />33 He said the inventory of properties for commercial use in the County is very low. He <br />34 said companies are not willing to wait for a property to be built for them in 2 or 3 years, so this <br />35 business usually goes to Cary, Durham or Raleigh. He said any commercial buildings that go <br />36 up in Orange County will provide the benefit of being able to pursue projects that cannot <br />37 currently be pursued. <br />38 Steve Brantley said new restaurants become a new destination that draws people in and <br />39 generates other business. He said this project will also generate new housing and affordable <br />40 housing, and it will also create hundreds of long term construction jobs, which would be a <br />41 benefit for residents. <br />