Agenda - 09-06-2022; 8-a - Minutes

Browse Search

11 1 2 Commissioner Bedford arrived at 7:27 p.m. 3 4 John Roberts said that at this point they are hopeful that the company will purchase the 5 property and it will not get to that point but if they do not, they will continue at the flat rate. 6 Commissioner Richards asked if the option to purchase was available every year. 7 Travis Myren said yes. 8 Commissioner McKee asked if the numbers they are seeing were from an incentive type 9 package rather than like the incentives they have used for other companies. 10 Travis Myren said usually it would be 75% of the tax value over a period of five or more 11 years but that this is a unique case. 12 Commissioner McKee said this is a unique design and is a hybrid example of a different 13 type of an incentive package. 14 Chair Price referenced the amount of $850,000 in year 7 and asked if staff adjusted for 15 trends. 16 Travis Myren said it is an estimate at a 3% escalation of rates in downtown Chapel Hill. 17 He said that in year 7 they would have a commercial property professional tell the county what 18 the current market rate is for the facility. 19 Commissioner Fowler said the county is putting up $2 million in renovations, and the 20 company may do more. She asked if they would be discounted any additional contributions on 21 renovations if they were to purchase. 22 Travis Myren said they would only be discounted what they have paid in rent up to that 23 date. 24 25 A motion was made by Commissioner Greene, seconded by Commissioner McKee, to 26 open the public hearing. 27 28 VOTE: UNANIMOUS 29 30 PUBLIC COMMENT: 31 32 Beth Gullette, the Chief Legal Officer for Well Dot, said the company was really excited 33 to open in Chapel Hill. She said that they are excited to be building jobs in Chapel Hill and on 34 Franklin St. She said that they are working with Durham Tech, mid-career, job fairs with A&T, 35 NC Central, and UNC and are working to develop those relationships. She said all of the work 36 they are doing is wonderful, but they need the space. She said that four hundred people is too 37 many for the space they have now. She said this facility will triple their space and help them 38 grow in the local area. She said the company appreciates the Board's consideration. 39 40 A motion was made by Commissioner Greene, seconded by Commissioner Fowler, to 41 close the public hearing. 42 43 VOTE: UNANIMOUS 44 45 Commissioner Hamilton asked that the Board amend the fifth "Whereas..." clause in the 46 resolution to read as follows: 47 "Whereas, in consideration of the economic development opportunities including the creation of 48 360 new full-time jobs by December 31, 2025..." 49 She said that date would agree with the economic incentive targets. 50 Chair Price said that language is consistent with the lease. 51 The Board agreed by consensus to the amended language.