Minutes 11-11-2014 - Laserfiche WebLink

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Ephesus Fordham Renewal Potential Economic Development for Oranqe County • The Ephesus Fordham Renewal Planning incorporates consultant recommendations made in 2013 by Urban3, LLC which created a 3-D visualization map showing property tax revenue per acre throughout Orange County. The report's visualization tool showed where the County's property tax revenues are derived, where property values are highest, the link between higher density development and increased property tax generation, and the positive economic potential of redevelopment of mixed use projects. Higher density generally yields higher real estate market values and property taxes. • Urban3 LLC's study was jointly funded in a partnership between the Town of Chapel Hill, Orange County (Economic Development), the Chapel Hill/Carrboro Chamber of Commerce, area developers (East West Partners) and local real estate firms. Per Capita Income in North Carolina Orange County & Adjacent Counties —2012 (bar graph) Annual Retail Sales Tax Per Capita Orange County & Adjacent Counties —2012 (bar graph) Retail Sales Taxes Per Capita Orange County vs. Durham County—2012 (bar graph) Retail Sales Tax Leakage -2012 Orange County vs. Alamance & Chatham Counties (bar graph) Steve Brantley noted the significant leakage of retail sales tax. He said any retail development that occurs within Orange County, especially this close to Durham County's Patterson Place and New Hope Commons, is a plus in both job creation and retail sales tax. He said Orange County is highest in terms of per-capita income, but it is 81 St in retail sales tax per capita. He said the inventory of properties for commercial use in the County is very low. He said companies are not willing to wait for a property to be built for them in 2 or 3 years, so this business usually goes to Cary, Durham or Raleigh. He said any commercial buildings that go up in Orange County will provide the benefit of being able to pursue projects that cannot currently be pursued. Steve Brantley said new restaurants become a new destination that draws people in and generates other business. He said this project will also generate new housing and affordable housing, and it will also create hundreds of long term construction jobs, which would be a benefit for residents. Steve Brantley said he has asked Dwight Basset and the other associates with the town to find ways to work more closely to collaborate on recruitment for projects. He said that way the County has a more immediate and confidential insight into the prospects of projects on the