Agenda 8-a - Minutes - Laserfiche WebLink

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22 1 Patrick McDonough said part of the answer depends on which infrastructure gets 2 prioritized, and where it was in the Capital Improvement Plan (CIP). He said there are 3 infrastructure recommendations, but there is no timeline, and it is hard to do the cost side 4 without a timeline. He said it is all worth discussion. 5 Commissioner Greene said she is unclear about the $3.5 billion, to which Commissioner 6 McKee referred. 7 Commissioner McKee said the net new property value on the 1361 acres. 8 Commissioner Marcoplos said Glenwood Elementary School (ES) sits near a station and 9 the Chapel Hill-Carrboro City Schools District (CHCCS) is planning on holding on to the school 10 in anticipation of the money that will be made from the higher cost land at the stations, and the 11 potential for development. He asked if this type of property is considered a non-profit, or 12 undevelopable land. 13 Staff member from GoTriangle said Glenwood ES is not considered part of the re- 14 developable land. He said the tax revenue is based on the property tax base that exists today, 15 and right now, Glenwood ES does not pay property taxes. He said that base line is continued 16 forward, which is the same for UNC Hospital, Duke Hospital, etc. 17 Commissioner Marcoplos said it is complicated. 18 Patrick McDonough said Glenwood ES is not highlighted as a re-developable area in the 19 Hamilton Station. 20 Commissioner McKee asked if it is known how much new tax revenue would occur 21 naturally without it. 22 Patrick McDonough said when one looks at the net new over the baseline, the baseline 23 presumes the land grows in value. He said a great way to see evidence of that is to look at the 24 Mason Farm Road/UNC Hospital plans, where there is no development imagined, but the 25 property tax revenue does go up. 26 Commissioner Bedford asked if Patrick McDonough removed Eastowne from ED slide. 27 Patrick McDonough said he would need to check, but he would sense that Eastowne is 28 probably in the corridor total of the $1.4-1.9 billion, though it is not in the Gateway Station. He 29 said he will need to double check. 30 Commissioner Marcoplos said it is complicated to think about costs and benefits, 31 because there are many things that cannot be predicted accurately. He said there are a lot of 32 ancillary benefits: jobs will be provided, which leads to lower cost of services; less congestion; 33 less pollution; protecting rural areas from sprawl, etc. He said this is "one possible future," and 34 the final decisions will be a product of many decisions that are made. He said he is excited 35 about a fourth economic development district, and sees potential for collaborative effort 36 between Chapel Hill and Orange County to meet the needs of the County and the Town. He 37 believes the Board is doing what the residents want it to. 38 Commissioner Marcoplos said if, and when, the full funding grant agreement comes 39 through, this is going to happen. He said around 2025 there will start to be serious interest in 40 and around these rail stations. 41 Chair Rich said she is excited about this too, and especially about the possibility of a 42 fourth economic development district. She said people want to live, work and play near public 43 transit, and building Gateway the way they want/need it is a first step. 44 Chair Rich said the Chapel Hill Planning Department worked with GoTriangle throughout 45 this entire process. 46 Patrick McDonough agreed, and said many, many partners worked on this, and the 47 intergovernmental cooperation is special. 48 Chair Rich said one way to continue moving forward is to start having conversations with 49 Chapel Hill. She said this is not just what the elected officials want, but it is also what the public 50 wants, and there is an economic opportunity that cannot be denied.