Minutes 11-11-2014 - Laserfiche WebLink

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Lesser of 50% of the actual tax increment or 50% of the actual Debt Service on the $10 million of public Improvements �Serbf�ct t� �r�r�er�l�� r��rf�tf�r� b��r� T"�wr��r� r�� r� �rt�r��r�f��t��r�'�r �r�� Maximum Annual Payment would be about$400,000 Annual Reporting • The Town will provide the County with an annual project performance report during the budget cycle that will include: ■ Additions to Tax Base ■ Public improvement status ■ Private improvement status ■ Economic impact analysis Projected County Tax Increment (Bar Graph) 20 Year Cost Benefit Comparison (Graph) Cumulative Debt Service & Town Property Tax Increment plus County Contribution School Generation Numbers • Difference Between Town and County Student Growth numbers: ■ Based on available (2007) Student Generation factors for CHCCS for multi-family Housing units Town calculated 105 new students for 1,495 units ■ County estimated 450 new students based on over-all student generation rates (all housing types) 2007 Student Generation Numbers (Bar Graph) 2014 Student Generation Numbers* • New Student Generation Rates ■ Broken out by Sub-Areas (Chapel Hill & ETJ) ■ Separate factors for number of bedrooms - Multifamily: 0-2 bedrooms, 3+ Bedrooms & Average) ■ Based on market demand we believe that student generation for Ephesus Fordham Development will be mostly 1-2 bedroom multi-family units 2014 Student Generation Numbers* (Graph) (Chapel Hill and ETJ) Village Plaza Apartments • 1 st Ephesus Fordham Development Application ■ 266 Multi-Family Housing Units (1-2 bedrooms) ■ 15,600 Square Feet of new retail ■ Population Estimate: 505 new residents Village Plaza Apartments Preliminary Revenues Estimates Revenue Town County Schools Property Tax $354,900 $594,675 $141,200 Sales Tax 31,100 75,381 0 Impact Fees (one-time) 0 0 342,076 Village Plaza Apartments* (Bar Graph) Student Generation Numbers (2014)