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�o'NJ N <br />TO: <br />FROM: <br />SUBJECT: <br />DATE: <br />TOWN OF CHAPEL HILL <br />NORTH CAROLINA <br />Attachment F <br />MEMORANDUM <br />Roger L. Stancil, Town Manager <br />Kenneth C. Pennoyer, Business Management Director <br />Ephesus Fordham Renewal Information concerning County Participation <br />April 2, 2014 <br />The following information is provided in support of the Town's request for the County to <br />participate in the Ephesus Fordham Renewal Project by pledging a portion of their expected <br />property tax increment to pay debt service costs for the project's public improvements. <br />Summary <br />We are requesting that the County participate in the Ephesus Fordham Renewal Project by <br />pledging the lesser of 50% of the actual increment or 50% of the actual annual debt service cost. <br />Partnering with the County on this landmark economic development project improves the <br />potential for all three jurisdictions (Town, County and Schools) to reap the benefits of this <br />renewal effort. <br />The Ephesus Fordham Renewal Project Overview <br />Renewal of the Ephesus Church / Fordham Boulevard area has been a long -term vision for the <br />community. Interest in reviving this area prompted the work that began in 2010 to develop a <br />Small Area Plan for the area. The adoption of the Chapel Hill 2020 Comprehensive Plan <br />reiterated the implementation steps from the Ephesus Church - Fordham Small Area Plan. <br />The approach to this renewal effort has been both systemic, attempting to consider the <br />consequences of actions on one another in a larger area and the tradeoffs involved, and also <br />collaborative, involving staff from multiple departments in developing proposals. As we have <br />been discussing with the Council, the area offers opportunity for improvements in a variety of <br />categories including transportation, stormwater, and tax base. The effort to renew the area will <br />address these items while improving existing conditions and creating new destinations. Efforts <br />include: <br />• Furthering the vision of the adopted plan to improve the area/create a sense of place <br />• Improving stormwater conditions <br />• Improving traffic patterns and connectivity, district -wide <br />• Creating conditions to promote the increased use of public transit services <br />• Improving pedestrian and bicycle conditions and connectivity for the area <br />• Supporting the Town's Economic Development Strategy while growing the tax base <br />