Orange County NC Website
Browse       Search
4 <br /> market-feasible development program has been endorsed by Orange County and the Towns of <br /> Chapel Hill and Carrboro, DFI will identify development partners with the experience and track <br /> record to make the vision a reality within the context of Chapel Hill's market. <br /> Scope of Services <br /> The following Scope of Services outlines the pre-development activities that DFI would conduct <br /> to support Orange County, the Town of Chapel Hill, and the Town of Carrboro (the "Client") in <br /> attracting private investment to the Greene Tract, herein referred to as the "Project", and <br /> executing the Client's community development goals as it relates to this Project: <br /> 1. Conduct a community scan, which is an analysis of market-relevant demographic and <br /> socioeconomic data, as well as a review of current and historic plans, visioning documents, <br /> studies, research, development proposals, conceptual renderings, notes from public input <br /> sessions, and other materials relevant to the Project; <br /> 2. Collect and analyze relevant data for a parcel analysis to understand current market <br /> conditions (sales trends, vacancy, land use, ownership, and underutilization) for the area <br /> surrounding the Project; <br /> 3. Conduct market research, including case studies for markets where available market data <br /> may not be sufficient, and a market analysis to assess the demand for development, to <br /> include an evaluation of market feasibility and demand drivers for different uses for the <br /> Project including but not limited to: (1) commercial uses such as retail, office, and flex space; <br /> (2) a variety of residential housing types, including townhomes, multiplexes, 3-4 story <br /> multifamily buildings with surface parking lots, affordable housing, and market-rate <br /> residential; as well as (3) other uses as specified by the Client; <br /> 4. Leverage and refine guiding public interests previously established for the Project, in <br /> collaboration with the Client, building from prior visioning efforts; <br /> 5. In partnership with a third-party design firm engaged by the Client and building from that <br /> firm's prior work, perform any additional site constraints analysis necessary to determine <br /> what the site can actually support given current conditions and other limitations and to test fit <br /> potential development programs for the Project; <br /> 6. Conduct a financial feasibility analysis, preparing a financial model (i.e., development <br /> budget, operating cash flows, sources of capital, etc.) for the Project, in parallel and <br /> iteratively with site analysis, to determine financial feasibility for private partners, evaluate <br /> the Project's ability to attract private investment, and project potential funding sources for <br /> private development; <br /> 7. Determine the scale of public investment required to achieve public interests, if necessary, <br /> and evaluate options for financing and structuring public participation in the development, if <br /> 2 <br />