Agenda Item 1 - Economic Development Districts – Follow-up from Board Retreat

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ORANGE COUNTY NORTH CAROLINA NAfrolantic Fealty 13 ..0006 • ! • TIMMONS GROUP development currently underway in the southwest quadrant of the EDD to identity potential opportunities. 7. Complete necessary due diligence to achieve Tier 4 status on top sites. a. Geotechnical, Wetland Delineations, Topographic & ALTA Boundary Surveys, etc. BUDGET. Site dependent but generally $1,000 to $1,500 per acre with Infrastructure already in place (significantly increases the value of the property on a per acre basis) 8. Consider adjusting boundaries of EDD's and CITAN's and the Water & Sewer Districts to include large tracts adjacent to these districts with low cost of development (minimal utility extensions, etc.). BUDGET: $10,000 to $15,000 consultant time to evaluate parcels as well as Staff Time Overall Study Recommendations 1. Complete a countywide water & sewer study to identify options to increase water & sewer capacities. BUDGET $75,000 to $100,000 2. Complete a GIS Site Selection Study to identify sites with greatest development potential near or adjacent to development corridors. BUDGET $15,000 to $25,000 3. Consider gaining "control" of properties (i.e. option agreements) with high development potential. These sites would be identified with the GIS Site Selection Study. BUDGET: Generally $100 to $200 per acre for options, however, property specific 4. Consider advantages of developing "Ready to Go" product. Could form a Public- Private Partnership to accomplish this task. a. Shovel / Pad Ready Sites b. Spec Buildings BUDGET: Site and Building dependent, but generally $50 to $100 per SF for Spec Buildings and $50,000 to $100,000 per acre for Shovel /Pad Ready Sites 5. Reinitiate discussions and explore developing a research park with UNC- Chapel Hill and taking advantage of the research and entrepreneurial culture of the Research Triangle Park (RTP) 91 Page