Agenda - 01-10-1994 - Laserfiche WebLink

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l Residential Build-Out Example.The residential build-out example assumes that the 112-acre quadrant would be rezoned and developed in a manner similar to the Cornwallis Hills Subdivision. As shown below, the net fiscal impact in year 10 of a 10-year buildout period would be - $71,935. RESIDENTIAL BUILD-OUT EXAMPLE Total Acreage (Acres) 112.0 Less: 15% for Street Right-of-Way 16.8 Net Development Area (Acres) 95.2 Net Development Area (Square Feet) 4,146,912.0 Average Lot Size (Square Feet) 16,500.0 Net Number of Homes 251 @ 10-Year Buildout (Homes Per Year) 25 Average Sales Price Per Home $129,20 Net Fiscal Impact in Year 10 @ 10-Year Build-Out -$71,935 (See Attachment D - Residential Case Study for detail) Non-Residential Build-Out Example. In this example, the fiscal impact data dervived from the analysis of Parker-Hannifin, Vietri, and the Eastowne office building are used to project the impact of a mixed use development on the same 112-acre tract.To arrive at comparative numbers,however,assumptions had to be made as to the absorption rates of office, distribution, and light industrial uses into the market. The absorption rates as well as the equivalent number of office, distribution,and manufacturing buildings is shown in the table below. ABSORPTION RATE NON-RESIDENTIAL USE (SQFT/YEAR) BUILDING EQUIVALENT Manufacturing/Parker-Hannifin 300,000 SgFt 4 Plants Distribution/Vietri 300,000 SgFt 10 Buildings Office/Eastowne 150,000 SgFt 9 Buildings Using the building"equivalents"derived above as well as information obtained about each site during the site-by- site investigations,the 112-acre tract was developed with fiscal impacts resulting as shown on the following page. When comparing the fiscal impact of non-residential development (+$169,460)with that of the residential impact (471,936 or an average of$287 per dwelling unit),the difference of+$97,525 may provide some indication of the relative "benefits" of one use in comparison to another.