Agenda - 09-15-20; 5-a - Zoning Atlas Amendment - Master Plan Development Conditional Zoning District (MPD-CZ) for the Research Triangle Logistics Park (RTLP)

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575 The potential new employment afforded by the proposed Research Triangle Logistics Park can assist Orange County residents to find greater job opportunities close to home, and reduce the associated financial and environmental costs of daily out-migration. The key findings of the Census report are as follows: ■ Over the 15-year time period in collected data (2002—2017), the number of people who have lived and worked in Orange County has remained fairly consistent while the number those who live outside of Orange County and work in Orange County has sharply risen. Over the same time period, the number of people who live in Orange County and work outside of Orange County has also risen steadily. The inward workforce migration to Orange County has been greater than the outward workforce migration out of Orange County over the time period. ■ The residential population of Orange County has grown steadily over the 15-year time period, but the employment population of Orange County has grown at a faster rate. ■ The majority of workers in Orange County come from Durham,then Chapel Hill,then Carrboro;this has maintained over the 15-year time period. However,while the share from Durham has steadily increased over time,the shares coming from Chapel Hill and Carrboro have decreased over time. ■ The shares of workers coming from Raleigh (41"overall), Cary(51"), Burlington (61") and Mebane (7") have all increased over time, indicating an increase in commuting from Wake County and Alamance County. These increases are all happening as there is a decrease of those living and working within Orange County, and in particular, within Chapel Hill and Carrboro. 8.12 What is the current tax value and annual revenue to the County on the sites currently under option by RTLP? (Information provided by the Orange County Tax Office) For the three properties that are included in this project,the total amount of taxes that are currently billed for 2020 is $2,560.57.Two of the properties are in a deferred tax program, and would be subject to paying 3 years plus current year of deferred taxes at the time of the sale of the properties. A ROUGH estimate of the amount of taxes that might need to be paid for these two properties to come out of deferment is$100,000. Note that this total tax amount includes Orange County Tax and Orange Rural Fire District Tax. 8.13 What is an estimate of the potential revenue stream to the County if RTLP's proposed $150 million investment was built? (Information provided by the Orange County Tax Office) That is difficult to estimate at this point. The value would be made up of two parts,the land value and the improvement values. ■ The tax value of the land may be close to the amount that is paid for the properties, and at this point that amount is unknown. ■ In estimating the tax value of the improvements,we looked at a conservative low estimate. We do not have clear information on the plans for the four buildings, and having a copy of the site plan would allow us to better estimate the tax value at this point. Based on the information you provided with a minimum of 2.25 million square feet in buildings,the tax value at 100%completion could be $87,750,000 as a low estimate. Disclaimer:this tax value is strictly an estimate and could be vastly different once we have more details about the site plan. ■ Keep in mind also that if it takes a few years to complete the construction for the project that each year the tax value of the improvements would be based on the percentage of completion rather than the full value of the project. We know from experience that often the tax value of the completed project is lower than the investment that the company puts into the project. However, if we assume an estimated tax value of $150 million,the estimated taxes generated based on the 2020 tax rates would be as follows: the estimated amount of County Tax would be$1,301,850.00,and the remainder($142,200.00)would be Orange Rural Fire District Tax. 25