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Supporting Factors for this Amendment: <br />The increased property values which would result from the commercial <br />development of the subject property would directly benefit the County <br />through - -an increase in property tax amounts. <br />Currently, the tax value of the property is $101,719. This generates <br />$778.15 yearly in taxes for the County. <br />An informal survey of commercial properties in Chapel Hill Township <br />along 15 -501 shows the following: <br />A) Tax Map Lot 7.27.E.2C (Europa Center) <br />7.33 acres and building, valued at $15,204,079 <br />County tax rate: .00765 <br />Approximate yearly tax paid to county: $116,311 <br />(Undeveloped value in 1981: $86,047) <br />B) Tax Map Lot 7.27.A.2C (CCB Branch Office) <br />0.92 acres and building, valued at $155,961 <br />Approximate yearly tax paid to county: $1,193 <br />C) Tax Map Lot 7.27.A.2 (Forum One Office Park) <br />0.92 acres and building, valued at $980,255 <br />Approximate yearly tax paid to county: $7,499 <br />D) Tax Map Lot 7.45A.B.2 (Franklin Square Office Condominiums - <br />one unit only) <br />Area: office space only <br />Valued at $73,974 <br />Approximate yearly tax paid to county: $566 <br />The properties surveyed range from individual offices to entire <br />multi -story complexes. They show a range of uses and accommodations <br />similar to what could be developed on the subject property. Their <br />combined areas are approximately 9.20 acres. Their combined yearly <br />taxes are approximately $125,569. <br />Using -these figures as guides, it is immediately apparent that the <br />taxes generated by the co ircial development of 33 acres could be <br />significant.. <br />This proposal offers potential benefits for both the citizens and <br />government of Orange County. <br />`..�3: <br />