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HILLSBOROUGH SAVINGS BANK, SSB <br /> rsa`�� s, �i,� 260 SOUTH CHURTON STREET • 112 NORTH CHURTON STREET <br /> •..p11j ;i ; .y..- HILLSBOROUGH, NORTH CAROLINA 27278-1000' <br /> '= '� PHONE: 919-732-2143/732-2144 • FAX: 732-6001 - <br /> '". DISTRIBUTED `��� � {` <br /> June 7 , 1993 s-_ �� <br /> Mr. Moses Carey, Chairman <br /> Orange County Board of Commissioners <br /> Post Office Box 8181 <br /> Hillsborough, North Carolina 27278 <br /> Dear Mr. Carey: <br /> The Hillsborough Savings Bank, SSB Board of Directors again <br /> wishes to go on record as opposing the proposed impact fee. We <br /> oppose the impact fee for the same reasons as the last time the <br /> commissioners presented the idea. The reasons are as follows: <br /> 1. The cost of living in Orange County is already above the <br /> North Carolina State average. Imposing another fee <br /> increases the cost of living even more for Orange County <br /> citizens. <br /> 2 . The implementation of the fee would impose a greater <br /> burden on existing Orange County citizens rather than on <br /> new home-owners moving into the county. Why would <br /> anyone want to move to Orange County and build a house <br /> when one could go to an adjacent county and build a home <br /> for less money? Many local real estate developers <br /> already develop in adjacent counties because of the <br /> burdensome process of developing home-sites in Orange <br /> County. <br /> 3 . The commissioners have previously expressed an interest <br /> in "affordable " housing in Orange County. The impact <br /> fee appears to be a step in the wrong direction. The <br /> low-income population would suffer the greatest burden. <br /> 4 . When an industry relocates, one criteria as to where <br /> to locate is the cost of moving employees. It appears <br /> that an industry would be less inclined to locate in <br /> Orange County due to the higher cost of housing due to <br /> the fee. <br /> 5 . How does an appraiser, including the property tax <br /> appraiser, adjust for the differences in the cost of <br /> houses. There could be two similar houses side by side, <br /> one being built before implementation of the fee, and the <br /> other afterward. Does the market value of the first <br /> house increase or will the market value of the second <br /> house be less than the actual cost due to the fee? <br /> :�.;� `• Your Hometown Financial Institution <br /> !` `t •• We Pay More Than Interest, We Pay Attention .�?*�"f <br /> �'N�SyStt� <br />