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046" <br /> Structural analysis: A recent engineering study (attached) indicates the <br /> interior could be witted and completely rebuilt to accommodate efficiently <br /> a wide variety of uses. The cost of interior renovations would be $350,000 <br /> to $450,000, according to the consulting engineer. <br /> This new information changes our thinking of the past 2 years. The <br /> earlier staff opinion had been that the interior walls were load-bearing <br /> and major internal rearrangement of space would be nearly impossible. <br /> Previously, we had recommended that Council consider a sale or lonci-term <br /> lease of the Old Police Building to a private party with facade easements <br /> and possibly other deed restrictions. <br /> The recent engineering analysis indicates a user could substantially alter <br /> the building interior to suit a variety of possible uses, while the exterior <br /> appearance could be maintained to conform with Town requirements. <br /> The advantages of sale to a private party include: <br /> -adding the site to the tax base, <br /> -increasing the supply of office and/or retail space in the Town <br /> Center, and <br /> -retaining the exterior character of a building which is a <br /> • <br /> significant part of Chapel Hill history. <br /> • -proceeds of the sale would be available to partial' offset the cost <br /> of providing space elsewhere. <br /> The following is a hypothetical estimate of potential tax revenue without <br /> the benefit of a current appraisal. • <br /> If the renovated property were valued at $6001000 for tax purposes, the <br /> total annual ad valorem revenue would be $B4O46 based on the current <br /> combined Town, County and City Schools tax rate of $1 .441 per $100. Of <br /> this amount, the Town would receive $4,110 at a rate of 68.50/$100. <br /> In addition, private ownership would involve a small amount of privilege <br /> license tax revenue from businesses using the facility. If the private <br /> uses increased overall County sales tax revenues (rather than redistri- <br /> butino receipts within the County), the Town would also share in the <br /> •• increase under the population formulas in State law. The actual amount of <br /> revenue would depend on market conditions and County tax appraisals <br /> and local tax rates in future years. <br /> Proposed Use of Resources <br /> Library <br /> We believe the library site should be in or near downtown. The attached <br /> article f ray r- the summer, 1985 issue of Public Libraries lists the following <br /> factors to consider in locating library facilities: <br />