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APPROVED 3/3/2015 MINUTES ORANGE COUNTY BOARD OF COMMISSIONERS Work Session January 27, 2015 7:00 p.m. The Orange County Board of Commissioners met for a work session on Tuesday, January 27, 2015 at 7:00 p.m. at the Southern Human Services Center in Chapel Hill, N.C. COUNTY COMMISSIONERS PRESENT: Chair McKee and Commissioners Mia Burroughs, Mark Dorosin, Barry Jacobs, Bernadette Pelissier, Renee Price and Penny Rich COUNTY COMMISSIONERS ABSENT: COUNTY ATTORNEYS PRESENT: John Roberts COUNTY STAFF PRESENT: County Manager Bonnie Hammersley, Assistant County Manager Cheryl Young and Clerk to the Board Donna Baker (All other staff inembers will be identified appropriately below) Chair McKee called the meeting to order at 7:05. He reviewed the following items at the Commissioner's places: - PowerPoint sheets and updated financial information for Item 1- Update on the Ephesus Church Road/Fordham Boulevard Public Improvements and Request for County Investment in the Project -Yellow, revised sheet for Item 4 —County Commissioners - Boards and Commissions Assignments 1. Update on the Ephesus Church Road/Fordham Boulevard Public Improvements and Request for County Investment in the Proiect BACKGROUND: The Town of Chapel Hill, at the March 21, 2014 Joint Meeting with the Board of County Commissioners, presented an improvement project for the Ephesus Church — Fordham Boulevard of the Town of Chapel Hill. In order to support the renewal of the Ephesus Fordham area, the Town of Chapel Hill must make investments in much needed traffic and stormwater capital improvements. The project would be financed with the use of Tax Increment Financing or Project Development Financing. Under this method the financing of economic development projects occurs by pledging the anticipated growth in tax base as a source of repayment. The theory is that the project being financed is enabling the tax growth and therefore the project is and will be self-financing because, if not for the project, the tax growth would not have occurred. The Town of Chapel Hill would like the County to participate in the Ephesus Fordham Renewal Project by pledging the lesser of 50% of the actual increment property tax revenues received or 50% of the actual annual debt service cost. The Town of Chapel Hill (Town) is suggesting that the County consider an approach to investing in the project using mutually agreed upon criteria, which will be tied to the Ephesus - Fordham project performance. The Town would provide an annual Ephesus Fordham project performance report during the County's budget deliberations that would include the following: additions to the tax base, status of public improvements, status of private improvements, including progress toward meeting affordable housing, energy efficiency and transportation goals, and economic impact analysis. The Planning Department has provided its comments in Attachment C about the project; specifically in regards to traffic analysis, stormwater/flood control and school impact fee