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' S <br /> UJ I <br /> Supporting Factors for this Amendment: <br /> The increased property values which would result from the cammercial <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 cow ercial 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 />