Agenda - 03-03-2015 - 6a - Laserfiche WebLink

Browse Search

2 1 The Planning Department has provided its comments in Attachment C about the project; 2 specifically in regards to traffic analysis, stormwater/flood control and school impact fee 3 scenarios depending on student generation. Traffic analysis and programmed projects note how 4 some Ephesus-Fordham intersection improvements could be funded in part by Durham- Chapel 5 Hill Metropolitan Planning Organization funds. Planning recommendations also note how a 6 future transit study and Orange County Bus and Rail Investment Plan (OCBRIP) funds could be 7 used/assigned to `cross-town' routes to augment shopping opportunities between the downtown 8 area/campus and this new retail node. Chapel Hill Transit (CHT) is presently studying bus 9 routes to support future Bus Rapid Transit (BRT) and Light Rail Transit (LRT). 10 11 Stormwater/flood control comments relate to how the County could participate in public 12 sponsored improvements that have multiple benefits of flood control, water quality and 13 environmental enhancement. Chapel Hill has recently (last fall) addressed a more 14 comprehensive stormwater approach than anticipated early last year. 15 16 School impact fee potential receipts were analyzed related to the existing impact fee schedule 17 (Scenario A) vs. what new student generation rates (from a draft study completed late October 18 2014) may hypothetically generate from a student number perspective and an adjusted, yet 19 unadopted fee schedule change (Scenarios B and C). 20 A PowerPoint planning overview will be given at the meeting. 21 22 Additionally, if a new high school and/or major additions have to be made to one of the existing 23 Chapel Hill Carrboro City Schools (CHCCS) high schools to accommodate the projected 24 increase in students, the additional debt service would reduce the net amount of property taxes 25 received as a result of the planned project improvements. 26 27 The first Ephesus Fordham performance report would be submitted during the first budget cycle 28 in which an actual tax increment from the project was expected in the next fiscal year. The 29 County could potentially benefit from participating with the Town of Chapel Hill from increased 30 property and sales tax revenues. 31 32 Based on information provided, the County would potentially receive incremental property tax 33 revenues over three phases of the Project of approximately $14 million. County expenditures, 34 based on current County financial policies and guidelines, would total $23 million prior to the 35 requested debt contribution. After paying the requested debt contribution of$400,840 over 20 36 years, Attachment B-1 reflects Scenario 1 where the County would net a deficit of incremental 37 tax revenues of$10.4 million. This scenario includes the cost impact of providing County 38 services affected by the project, as well as the 48.1% target impact of General Fund revenues 39 provided to Education, and the costs to fund the additional students in each phase of the project 40 at the current per pupil amount of$3,571 per pupil. After paying the requested debt contribution 41 of$400,840 over 20 years, Attachment B-2 reflects Scenario 2 where the County would net a 42 deficit of incremental tax revenues of$6.9 million. 43 44 This scenario only includes the 48.1% target to Education and the costs of the additional 45 students in each phase of the project. 46 47 In order for the County to participate in the project without incurring a deficit, the County would 48 have to modify its financial policies in the areas of earmarking revenues for a particular purpose 49 or project, and modify its funding target for education. 50