Agenda - 03-03-2015-13 (5) - Laserfiche WebLink

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M The benefits which the applicant may realize include reduction in compensatory mitigation or, in the case of option 2, some potential for increased on -site development. In the case of the latter, Orange County would encourage Chapel Hill to ensure that this "additional capacity" would not be utilized to press the nutrient limits but rather to actually improve the outcome. Affordable Housing The applicant is voluntarily proposing to allocate land for 50 affordable on -site multi- family rental units and agrees to pursue funding to bring the units to fruition. This would be equivalent to 7% - 13% (depending on the final mix) of the new housing created within the project. Financing approval for up to 50 affordable units would be pursued for a period of no less than 5 -years after SUP approval, and land allocated for the new affordable units would be held for this use during the period. If financing were awarded, the proposed development would target renters earning less 80% of less of the area median income and would remain affordable for 15 — 30 years, depending on the requirements of the funding agency. If Low Income Housing Tax Credits or bond financing is awarded, the project could serve households earning less than 60% of the area median income. If financing is not secured after 5- years, the applicant also agreed to offer to sell the Town the affordable housing site for the 2015 tax value. 1 -40 Road Buffer Chapel Hill had inquired about Orange County's Major Transportation Corridor buffer. The applicant had requested clearing near 1 -40 for additional visibility. An illustrative buffer plan approve by the Town Council can be viewed at the below link ht1 :Hcha elhill ublic.novus agenda, coo/ AttachinentVi ewer. aspx ?Attachment1D= 14585 &Iteinl Q =3075 While Orange County allows 50% clearing in certain circumstances in the various types of buffers we enforce, we do not allow clearing in the stream buffers. Other Services Orange County has been in the process of developing estimates of county service impacts. Adding residents to the county is expected to result in some impact to governmental services provided by Orange County. Examples of such services include social services, health services, library services, and emergency management services. Although this specific human service cost may be minimal, school impacts are appreciable. Due to the potential variability of housing and student generation, no impacts were financially totaled as part of this abstract but staff has the information if necessary. The revenues and employment gained are definitely positive. Because the proposed development will be annexed and be within the Town of Chapel Hill's municipal units, the Town will provide police and fire protection to the development. FINANCIAL IMPACT: There is no financial impact to receive a report. If approved and developed, the proposed project would add to the tax base and retail would produce sales tax. The project would also require governmental services, some of which are provided by Orange County. The exact dollar amounts related to the tax base increase and the governmental services have not been calculated due to the variability in the mix of uses in the project. The applicant has not asked for county financial participation to date.