Agenda 8-a - Minutes - Laserfiche WebLink

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20 1 gets inflated out into the future. He said the "net new" is what happens if the property 2 redevelops, and has a new tax value, but the value of that which was taken away is also 3 subtracted. He said an example is removing a one story office building and replacing it with a 4 four story office building; the value of the one story building would be subtracted from the value 5 of the four story building, and be compared to the figures from the "what if nothing happened" 6 scenario. 7 Commissioner Bedford clarified that these do not include the cost of the sewage pump, 8 the bridge over 15-501, EMS, or any other costs associated with development. 9 Patrick McDonough said the whole point of having the critical infrastructure 10 recommendations in the report is acknowledging exactly Commissioner Bedford's point. He 11 said there are going to be other pieces of infrastructure that will be needed to make these fully 12 functioning communities. He said the report makes recommendations on infrastructure that 13 would have to be paid for. 14 Commissioner Bedford said the report discussed cumulative revenue of$1.4 to $1.9 15 billion, and said she would subtract that from the $3.3 billion it will cost to build and finance the 16 line. 17 Patrick McDonough said this study is focused on the neighborhoods around the line, 18 and the tax value in the report is for through the prism of property tax. He said the costs to 19 build and operate the light rail are contained within the sales tax and the transit plans. He said 20 these are separated so that if the BOCC elects not to develop around the light rail stations, 21 there would still be costs for the light rail operation and maintenance. 22 Commissioner Price said at the MPO meeting there were challenges from Chapel Hill 23 Mayor Pam Hemminger, and Town Council Member Parker about the growth projections, and 24 she asked if there is a plan to address these challenges. 25 Patrick McDonough said GoTriangle offered to meet with the Chapel Hill Town Council, 26 and that the numbers presented by Dwight Bassett to the Economic Sustainability Committee in 27 December are quite close to those presented by GoTriangle. He said confusion may be 28 coming in as people are looking at the market study versus the guidebook concept plans. 29 Commissioner Price said this report is just one idea. 30 Patrick McDonough said that is right. He said this report's subtitle could be "one 31 possible future," and there are thousands of possible futures. He said the actual outcome be 32 shaped by the private market's response to zoning, regulatory and public and investment 33 decisions made by Chapel Hill Town Council. 34 Commissioner Marcoplos referred to the 1360 acres, and asked if the involvement of 35 UNC land could be clarified. 36 Patrick McDonough said GoTriangle engaged UNC within the first few months of getting 37 started, and tried to get at the question of if the University has private development on its land, 38 is it taxable or not. He said this is a public policy debate, and they considered other university 39 communities around the country. He said each of the station pages in the report includes a 40 development summary. He referred to the one for Mason Farm Road, UNC hospital and UNC 41 campus, all of which say no private development. He said the presumption is that development 42 will not happen in these areas. He said in terms of other stations, like Gateway, there has been 43 concerns raised that Eastowne (page 124) was included in the calculations, but they are not in 44 the tax calculation. He said in the appendix, it does show up as being counted, and this was 45 heavily debated, as ultimately this a negotiation between the Town of Chapel Hill and the 46 University of North Carolina. He said these discussions have been broached, and there are 47 other communities where there are payments in lieu of taxes. He said this was a market 48 oriented study, and it tried to capture what that would be so that one can understand the scale 49 of the opportunity in terms of what would settle there, if the market allowed it. He said he 50 recognizes that this may not be what public policy prefers, but it is one possible future.