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Orange County: Buckhorn Village <br />Executive Summary <br />Orange County engaged The Sanford Holshouser Business Development Group (Sanford <br />Holshouser) to examine the economic impact of the proposed Buckhorn Village project on <br />Orange County and the local economy. Buckhorn Village is a proposed 130-acre mixed use <br />development at Buckhorn Road and I-85/I-40. The development plans call for 1,133 people to be <br />employed at an anchor retailer, restaurants, hotels, and other retail businesses. The plans also call <br />for 200 multi-family residential units. This study reviewed impacts on tax revenue streams of <br />Orange County, public services, housing, employment, and other economic factors. <br />In summary, the $143 million proposed development is projected to create $1,348,208 in <br />net new annual property tax revenue to Orange County upon build out. In addition to property <br />tax revenue, retail sales tax revenue will be increased by almost $6 million annually. Currently, <br />about half of the $41 million in annual retail sales tax revenue collected is realized by the <br />County. The remaining half is distributed to municipalities. Lodging tax revenue will see an <br />approximate $92,000 in net new annual revenue. The total annual tax impact on Orange County <br />is projected to be $4.4 million. In addition to ongoing economic impact, the construction phase is <br />projected to generate $875,000 in new retail sales tax for Orange County and create 9321oca1 <br />construction jobs (Barnes, 2008). <br />The retail and hospitality sectors are important to Orange County's economy, providing <br />jobs, entertainment, and keeping disposable income in the County. Research found that the <br />Orange County retail market is underserved with fewer retail establishments than comparable <br />counties. Low per capita retail sales show that dollars are being leaked to neighboring counties. <br />Orange County has a low median household disposable income to retail sales ratio, again <br />showing that disposable income dollars are leaving the community. A smaller percentage of <br />Sanford Holshouser 2 <br />