Agenda - 10-22-2001-hb2 - Laserfiche WebLink

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,tllylfa / rl )s 7�,f August 28, 2000 Mr. Eric Peterson Hillsborough Town Manger PO Box 429 Hillsborough, NC 29218 Deno Mr. Petemnn, My name is Chns Dunbar, mrrunercial real eseate developer from High Point, NC, and I represent the Falk Emily who wishs to have property, re -zo std and appeared into the TownofHillsboroughbywayofassteffhevutexntion. Thepropettyiskundedby Interstate 85, Interstate 40, and Orange Grove Road Tk propary consists of5 ppcols and totals 52 acres. The Falk family wishes to develop an upscale multi -%milt' project on this property. Feasibility studies show that Gip area lucks rental housing that is so important to the economic health of Bee area As background, the Falk family has owned real retire in Orange County dating back to 1967 when they established Falk Fabrics, a Hillsbomueh based texWe mantifactmer. Comcideninlly, Falk Fabrics contributed a substantial sum ofmmies toward the construction of the initial municipal water system. Tk company later contributed funds used to build the sewage treatment plant as crap. The 20F000+ square bat building was used by Falk Fabrics until 198 5 when the manufacturang assets were sold. The building was hater leaaed to Flynt Fabrics which mcently amounted their inierrt to close the facility. The Falk family and l are curwargy, looking st ways to utilize this buiLding going forward to the mutual benefit of the Town and the Emily. I have reviewed our pslimimry devebpmem pham with Knnny Keel, Town Engineer, who her confirmed that water & wi corporally ie available W the site. Din project will pay for significant improvements to the sews system that is already needed due to as advanced age aal design These upgrades will reduce the Town's expense aasocwtM with the maintetance aM repast oftk system. Tha fuancial impact of this development is significant to tlac town ofHillsbomugh. Far instance, we Peti rson But Pbaee I of the project to have m estimated value of 516,000,000. Annually, tidsvalue will generate mar dollars Wtk Tavw (0mvge Cowry tax excluded) in the was unt of 199,200. ALSO, the estimated impact fees for water and veer Por We connmctlon ofthe couriers will geurrare another $184,800 (6' miler). The amnd usage lees Bom our tourist's water and sewer seMCeer will generate $184,8 matdy $1 with an ($58/mh per mouth). gfa rwrad in the meantof$receive ($99,200 art pra with an avrwalpevenuss BoivgforwardThe amountorencedsua reseiv00 by Town tax +$1antial waterlsewerspond.Thaakvercf need sums received by the Tawnare substantial with few corresponding expenses.