|
ORANGE COUNTY
<br />NORTH CAROLINA
<br />WiCarolantic Fealty
<br />. A R,.J kh& tir.vea:. 4b:rNtr 4,
<br />11
<br />TIMMONS GROUP
<br />Unfortunately, the current water & sewer infrastructure lines up with industrial projects that only use minimal
<br />water, such as retail, office, commercial or logistics / distribution and there is a direct correlation to $ /SF
<br />investment. Below is summary table with an equivalent size facility to Morinaga (categorically in the food &
<br />beverage industry) which had a $48 million investment for a 120,000 SF facility (or $400 per SF investment)
<br />and the corresponding investment for industries being targeted by Orange County, NC. The property next to
<br />Morinaga can accommodate three (3) similar size facilities, or another 360,000 SF of Economic
<br />Development "build- out ". As such, we estimated the potential annual tax revenue that could be generated
<br />from the various industry types.
<br />Industry Type
<br />Hillsborough
<br />Hillsborough
<br />3.09
<br />1.47
<br />200,000
<br />Hillsborough
<br /><200,000
<br />360,000
<br />$54,000,000
<br />CITAN
<br />Yes
<br />Logistics /Distribution
<br />$200
<br />360,000
<br />$72,000,000
<br />$603,144
<br />Yes
<br />Food & Beverage
<br />US 70 / Cornelius
<br />Hillsborough
<br />1 3.09
<br />1 1.47
<br />1 200,000
<br />1 Hillsborough
<br /><200,000
<br />360,000
<br />Unfortunately, the current water & sewer infrastructure lines up with industrial projects that only use minimal
<br />water, such as retail, office, commercial or logistics / distribution and there is a direct correlation to $ /SF
<br />investment. Below is summary table with an equivalent size facility to Morinaga (categorically in the food &
<br />beverage industry) which had a $48 million investment for a 120,000 SF facility (or $400 per SF investment)
<br />and the corresponding investment for industries being targeted by Orange County, NC. The property next to
<br />Morinaga can accommodate three (3) similar size facilities, or another 360,000 SF of Economic
<br />Development "build- out ". As such, we estimated the potential annual tax revenue that could be generated
<br />from the various industry types.
<br />Industry Type
<br />$ /SF
<br />Investment
<br />Facilities SF
<br />Potential Investment
<br />($ /SF x Facilities SF)
<br />Potential Annual
<br />Tax Revenue*
<br />Existing W &S
<br />Capacity?
<br />Retail / Office / Commercial
<br />$150
<br />360,000
<br />$54,000,000
<br />$452,358
<br />Yes
<br />Logistics /Distribution
<br />$200
<br />360,000
<br />$72,000,000
<br />$603,144
<br />Yes
<br />Food & Beverage
<br />$400
<br />360,000
<br />$144,000,000
<br />$1,206,288
<br />Marginal
<br />Advanced Mfgr
<br />$600
<br />360,000
<br />$216,000,000
<br />$1,809,432
<br />Marginal
<br />IT /Data Center
<br />$1,200
<br />360,000
<br />$432,000,000
<br />$3,618,864
<br />No
<br />* Based upon $0.8377 per $100
<br />Land Prices Relative to the Market:
<br />Based upon market research completed by NAI, it appears that the land prices on a per acre bases listed in
<br />Orange County are significantly higher than land prices in neighboring Alamance and Durham Counties.
<br />Below is a summary for comparative purposes:
<br />County
<br />High
<br />($ per Acre)
<br />Low
<br />($ per Acre)
<br />Average
<br />($ per Acre)
<br />Average Relative to
<br />Orange County
<br />Orange
<br />$85,000
<br />$27,512
<br />$51,681
<br />Alamance
<br />$51,563
<br />$12,138
<br />$33,809
<br />Orange is 53% higher
<br />Durham
<br />$62,758
<br />$23,056
<br />$40,774
<br />Orange is 27% higher
<br />While Orange County does not have specific control over the listing prices for the property owners, it's
<br />important to note that this is an item that will need to be addressed with property owners that the County will
<br />help market for economic development purposes.
<br />71 Page
<br />
|