Minutes 11-11-2014 - Laserfiche WebLink

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roads, but there is a possibility of pulling out the part that is storm water management. He asked if there will be any metrics regarding decreasing storm water flow, or is this just a stasis type of plan. Ken Pennoyer said he is out of his depth with that question. He said he would refer that question back to their engineers. He believes there have been some significant changes to this in the past few months. Steve Brantley said there has been a lot of subjective information about this project in the media and through public opinion; however, he has chosen to seek objective areas to consider this from an economic development perspective. Steve Brantley presented the following PowerPoint slides: Ephesus Fordham Renewal Potential Economic Development for Oranqe County The proposed redevelopment of Chapel Hill's Ephesus Church — Fordham Boulevard district offers several realistic economic development benefits: • Significantly greater property tax valuation is created, per acre, due to the higher density allowed by the proposed redevelopment. • Retail sales tax potential will reduce our local sales tax leakage, and help retain wealth currently flowing out of Orange County and into our neighboring counties. Although Orange County ranks #1 in N.C. for highest per capita income, we rank 81 st among all 100 N.C. counties in retail sales tax collected per capita. • The inventory of available commercial office locations will grow, thereby making Orange County & Chapel Hill more competitive to recruit new and expanding corporate headquarters site search projects. Currently, larger office headquarters projects are able to find suitable commercial space in Durham County &Wake County that is not available in Orange County. Ephesus Fordham Renewal Potential Economic Development for Oranqe County • Promotes a new and exciting destination for tourism. • Generates opportunity to attract more affordable housing options. • Creates more shopping, dining & employment opportunities here at home, which reduces transportation & out-migration to adjacent counties. • Identifies and improves critical infrastructure needs such as road improvements, mass transit and storm water systems. • Synthetic Tax Increment Financing (TIF) is a commonly used & successful financial tool that regularly assists other North Carolina communities in promoting local economic development and land use goals. • Economic development offices with the Town and County should collaborate on the recruitment of active investment clients and prospects.