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10f05/1999 04:08 9196443002 OR. CTY. PLANNING PAGE 09f14 <br />CORBIN nowNs <br />(continued) <br />1.2. TAX REVENUE <br />Genexal -The project is estimated as revenue neutral at this paiwt assuming full buildvut <br />of projected square footage and assuzx~ed taxable values. Any decrease in revenue <br />vaziables would create a de~.cit county fiscal service cast situation. <br />R~ Developer and/or Town of Hillsborough should reevaluate the project <br />using county Tax Assessor's criteria. The esti~onates from the applicant of <br />property/building value seem. high at this tirzte and should be subject of <br />further review using comparable and market value vs. tax rate ratios. <br />C1 The projected property value at project completion is $239,109,467. Tlae <br />chart below analyses the dwelling uxtit values, non-residential scl. ft. value <br />and the value per acre. <br />YEAR 3 <br />DWELLINGS SPEIt UNIT OR AG FAR <br />UR SQ. FT. PER SQ. FT. <br />60 $2oo,aoo SF 22.6 $s31,0ooJAc <br />s4 $140,000 TH 6.77 $1,116,700/AC <br />100 $150,000 AL 10.6 $1,415,100/AC <br />30 $120,OOOIt. 5.0 $720,000/AC <br />230 $65,700 MF 19.2 $788,6041AC <br />100,000 SF $70 SF OFFICE 10 $700,000/AC .28 <br />50,000 SF $100 SF RETAIL 7.17 $697,000JAC .16 <br />200 $60,000 HOTELJRiVI s.0* $2,000,000/AC <br /> $70 SF OFFICE 3.0* $1,167,OOOlAC .38 <br />*XEAR 2 <br />The projected values noted by the applicant should be considered with the following <br />caution,; <br />a} The property values are the basis of summaryJxevenue benefit analysis tax <br />b) The values appear high for various uses and could distort the expected <br />revenue amount. <br />c) The market values could be further reduced by taxable value assessment <br />which at times does not fully reflect market value. <br />d) The actual amount of building squaze footage is likely to be less after site <br />plan constraints. <br />g:lcraiglcd-tzans\10-4-99~dg 6 <br />