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13 <br /> As additional background, I thought it might also be helpful to provide a quick summary of our <br /> Carraway Village project to help illustrate how much time, effort and investment has gone into <br /> the current project, and also highlight the net benefits to the County in tax revenue: <br /> Carraway Village <br /> - Special Use Permit approved for 935,290 sf <br /> - Designed as mixed-use village, approved uses: Residential, Retail, Office, Hotel <br /> - Phase I ZCP approved for 400 apartment units, and 8,800 sf of ground floor commercial <br /> space <br /> - Current tax value of 54-acres: $3,133,000 <br /> - Current Orange County Annual Tax: $27,500/yr <br /> - Projected Value of Phase I: $50,000,000+ <br /> - Projected Orange County Tax Phase I: $439,000+/yr <br /> - Projected Additional Value of future phases: $30,000,000 - 60,000,000 <br /> - Projected Orange County Tax future phases: $263,000 — 526,000/yr <br /> Project Milestones: <br /> ❑ 2008-Developing the 54-acres Carraway Village site becomes a Town of Chapel Hill <br /> Economic Development initiative <br /> ❑ 2012-Our firm became the 4th development group to get involved, all others had walked <br /> away <br /> ❑ 2013-12-months of working with NCDOT/Town Transportation to figure out road <br /> improvements to Eubanks Road/Intersection <br /> -Determined road cost of$3-4M, approached Town for financial help with road <br /> improvements <br /> ❑ 2014-Submitted our Special Use Permit <br /> ❑ 2015-Special Use Permit approved, but question of Town's help with road costs pushed <br /> post-SUP <br /> ❑ 2016-Submitted our Zoning Compliance Permit for Phase I (400 apartments, 8,500 sf <br /> commercial), and road work <br /> -Economic Development Incentive Agreement for help with road costs <br /> approved/executed November 7, 2016 <br /> -Zoning Compliance Permit for Phase I approved on November 28, 2016 <br /> -Building design underway for Phase I <br /> Again, we request you please consider adding the above provision to the resolution. <br /> Aaron Nelson, Chapel Hill-Carrboro Chamber of Commerce, said he worked with Mr. <br /> Golden on the above information, and this is a technical issue. He hoped that the Board <br /> would adopt the proposed draft above, and send it back to staff for review, etc. <br /> Commissioner Marcoplos said their request is within the spirit of what the Board was <br /> trying to accomplish, and needs more review. He suggested scheduling this item for a future <br /> meeting, after staff review. <br /> Commissioner McKee agreed that the Board should at least consider this. <br /> Commissioner Price asked if there are any legal ramifications to paying early. <br /> John Roberts said no, but he recommended deferring this item to December 13th to <br /> give staff time to review this. <br /> Commissioner Rich asked if there are more large projects like this one. <br /> Commissioner Jacobs said he is willing to have staff to review this, but he also does not <br /> want this available as an ad infinitum opportunity going forward. He said the Chamber is <br />