Agenda - 01-27-2015 - 1 - Laserfiche WebLink

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annual Ephesus Fordham project performance report during the County's budget deliberations that would include the following: additions to the tax base, status of public improvements, status of private improvements, including progress toward meeting affordable housing, energy efficiency and transportation goals, and economic impact analysis. The Planning Department has provided its comments in Attachment C about the project; specifically in regards to traffic analysis, stormwater /flood control and school impact fee scenarios depending on student generation. Traffic analysis and programmed projects note how some Ephesus - Fordham intersection improvements could be funded in part by Durham - Chapel Hill Metropolitan Planning Organization funds. Planning recommendations also note how a future transit study and Orange County Bus and Rail Investment Plan (OCBRIP) funds could be used /assigned to `cross -town' routes to augment shopping opportunities between the downtown area /campus and this new retail node. Chapel Hill Transit (CHT) is presently studying bus routes to support future Bus Rapid Transit (BRT) and Light Rail Transit (LRT). Stormwater /flood control comments relate to how the County could participate in public sponsored improvements that have multiple benefits of flood control, water quality and environmental enhancement. Chapel Hill has recently (last fall) addressed a more comprehensive stormwater approach than anticipated early last year. School impact fee potential receipts were analyzed related to the existing impact fee schedule (Scenario A) vs. what new student generation rates (from a draft study completed late October 2014) may hypothetically generate from a student number perspective and an adjusted, yet unadopted fee schedule change (Scenarios B and C). A PowerPoint planning overview will be given at the meeting. Additionally, if a new high school and /or major additions have to be made to one of the existing Chapel Hill Carrboro City Schools (CHCCS) high schools to accommodate the projected increase in students, the additional debt service would reduce the net amount of property taxes received as result of the planned project improvements. The first Ephesus Fordham performance report would be submitted during the first budget cycle in which an actual tax increment from the project was expected in the next fiscal year. The County could potentially benefit from participating with the Town of Chapel Hill from increased property and sales tax revenues. Based on information provided, the County would potentially receive incremental property tax revenues over three phases of the Project of approximately $14 million. County expenditures, based on current County financial policies and guidelines, would total $23 million prior to the requested debt contribution. After paying the requested debt contribution of $400,840 over 20 years, Attachment B -1 reflects Scenario 1 where the County would net a deficit of incremental tax revenues of $10.4 million. This scenario includes the cost impact of providing County services affected by the project, as well as the 48.1% target impact of General Fund revenues provided to Education, and the costs to fund the additional students in each phase of the project at the current per pupil amount of $3,571 per pupil. After paying the requested debt contribution of $400,840 over 20 years, Attachment B -2 reflects Scenario 2 where the County would net a deficit of incremental tax revenues of $6.9 million.