Meeting 061595 - Laserfiche WebLink

Browse Search

Non - Residential Impacts The Rural Character design proposes a village core area of internally- oriented shops, services and offices. The size of the proposed non - residential area is 52,000 square feet - the same size as the village center at Fearrington Village. The fiscal impact on the County for non - residential is calculated using the Proportional Value system used by the students (Appendix H of the students' report). This approach determines the average costs of providing County services to non - residential development, and then applies them to the proposed development. It then figures the average annual revenue from non - residential development. This method is limited, because it figures annual capital costs as an average and does not project larger short -term costs such as new government buildings. This project uses property values of similar projects in Chapel Hill, as done with the neo- traditional alternative's village core. To project revenues from sales, national averages of sales per square foot are used. The project is anticipated to have 35,000 square feet of "retail' type uses, and 17,000 square feet of office use. The table below lists the results of this assessment: ........................................::.::..::.. ::::::::::::. ......... ::::::.:::.....: :. eta:�� ::................................................ .:::.:.....::: <::::::; ::::::: > >:::.. Offices .. .:::::::..::::.:.:::::::::::::. .......;:. .:.;;Sq:.:.:.;:.:: ;.;:;.:. %;.:::::: :;:::;.;:.:;: <:.::::<:::::; >:::<:::::.:;:...... :: >:.; <:::: >:<:::: ;<= ::::: >:<:<: 35,000 17,000 ,ev nue...er .................................... :F::>'< >` > > > > > »;< Sq?' �:>:° t::; :;<: >: >::;::; ?><> < >> :: » »:::::: >; > <:: $ 3.06 $ 1.53 l ae >: : ......................... _ $107,100 $26,010 As can be seen in the above table, the non - residential village core generates positive revenue for the County, with a total of $133,110.