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1 <br /> I Attachment 5 <br /> 2 <br /> 3 DRAFT <br /> 4 MINUTES <br /> 5 ORANGE COUNTY BOARD OF COMMISSIONERS <br /> 6 Work Session <br /> 7 January 27, 2015 <br /> 8 7:00 p.m. <br /> 9 <br /> 10 The Orange County Board of Commissioners met for a work session on Tuesday, <br /> 11 January 27, 2015 at 7:00 p.m. at the Southern Human Services Center in Chapel Hill, N.C. <br /> 12 <br /> 13 COUNTY COMMISSIONERS PRESENT: Chair McKee and Commissioners Mia Burroughs, <br /> 14 Mark Dorosin, Barry Jacobs, Bernadette Pelissier, Renee Price and Penny Rich <br /> 15 COUNTY COMMISSIONERS ABSENT: <br /> 16 COUNTY ATTORNEYS PRESENT: John Roberts <br /> 17 COUNTY STAFF PRESENT: County Manager Bonnie Hammersley, Assistant County Manager <br /> 18 Cheryl Young and Clerk to the Board Donna Baker (All other staff members will be identified <br /> 19 appropriately below) <br /> 20 <br /> 21 Chair McKee called the meeting to order at 7:05. He reviewed the following items at the <br /> 22 Commissioner's places: <br /> 23 - PowerPoint sheets and updated financial information for Item 1- Update on the Ephesus <br /> 24 Church Road/Fordham Boulevard Public Improvements and Request for County Investment in <br /> 25 the Project <br /> 26 - Yellow, revised sheet for Item 4—County Commissioners - Boards and Commissions <br /> 27 Assignments <br /> 28 <br /> 29 1. Update on the Ephesus Church Road/Fordham Boulevard Public Improvements <br /> 30 and Request for County Investment in the Project <br /> 31 <br /> 32 BACKGROUND: The Town of Chapel Hill, at the March 21, 2014 Joint Meeting with the Board <br /> 33 of County Commissioners, presented an improvement project for the Ephesus Church — <br /> 34 Fordham Boulevard of the Town of Chapel Hill. In order to support the renewal of the Ephesus <br /> 35 Fordham area, the Town of Chapel Hill must make investments in much needed traffic and <br /> 36 stormwater capital improvements. The project would be financed with the use of Tax Increment <br /> 37 Financing or Project Development Financing. Under this method the financing of economic <br /> 38 development projects occurs by pledging the anticipated growth in tax base as a source of <br /> 39 repayment. The theory is that the project being financed is enabling the tax growth and <br /> 40 therefore the project is and will be self-financing because, if not for the project, the tax growth <br /> 41 would not have occurred. <br /> 42 <br /> 43 The Town of Chapel Hill would like the County to participate in the Ephesus Fordham Renewal <br /> 44 Project by pledging the lesser of 50% of the actual increment property tax revenues received or <br /> 45 50% of the actual annual debt service cost. The Town of Chapel Hill (Town) is suggesting that <br /> 46 the County consider an approach to investing in the project using mutually agreed upon criteria, <br /> 47 which will be tied to the Ephesus - Fordham project performance. The Town would provide an <br /> 48 annual Ephesus Fordham project performance report during the County's budget deliberations <br /> 49 that would include the following: additions to the tax base, status of public improvements, status <br /> 50 of private improvements, including progress toward meeting affordable housing, energy <br /> 51 efficiency and transportation goals, and economic impact analysis. <br />