On January 9, 2014, Town of Chapel Hill economic development director Dwight Bassett made a presentation to EDPP on the Ephesus Church-Fordham Boulevard plan.
15. [ Ephesus Church - Fordham Boulevard ]
Small Area Planning and Traffic Analysis
16. [ Ephesus Church - Fordham Boulevard ]
Goals for tonight:
1. Small Area Plan
1. Small Area Plan
2. Functional Engineering and
2. Functional Engineering and
stormwater
stormwater
3. Financing the improvements.
3. Financing the improvements.
17.
18. [ Framework Plan ]
•
•
•
•
•
•
1.
2.
3.
4.
5.
Increased Connectivity
Throughout
Create Greenspace
System
Create Mixed-Use Nodes
Multi-Family Residential
Development
Increased Transit
Presence and Facilities
Roadway Operational
Improvements:
Extend Legion Road
Extend South Elliot Road
Long-Term Road Connections in
Village Plaza and Ram’s Plaza
Intersection Improvements
Operational Improvements
20. [ Conceptual Plan Components ]
Development Density
High Density Mixed-Use
and Commercial
Development
Approximately 6+ stories
Central Residential Core
Approximately 5-6 stories
Neighborhood Transition
Approximately 3-4 stories
This was developed by Urban
Collage in the May of 2011 and
shared with the Council Committee
on Economic Development as a part
of discussion of density and site
plan presentation by the former
Colony Apartments. (Concept idea
on following slide)
30. Phase ID- Wayfinding
signage
· Incorporate directional
/wayfinding signage to encourage
preferred traffic movements, such
as the existing ‘slip’ lane from
Fordham Boulevard into Rams
Plaza as a substitute for the
current left-turn movement from
Ephesus Church Road.
33. 6
Willow Drive to Elliot Road Connector:
This connector road needs
additional functional engineering
and consideration.
34. •
•
•
•
Phase I $2.4M
Phase II $4.0M
Phase III $1.3M
Phase IV included in Phase
II OPCC
• Phase V included in Phase I
OPCC
• Phase VI $1.1M (assuming
roundabout at Elliott) Not
currently considered to be funded.
Approximately $8.8 for
road/ped/bike
improvements.
> When there are substantial road
improvements, bike and pedestrian
improvements are incorporated. Existing
streets with limited or no improvements
will need bike/ped improvements made in
the future.
> Transit has participated in this planning
and been consulted as we continue to
plan the improvements.
38. How do we allow
development to occur in this
district when it is prone to
flooding?
39. 1. Manage Stormwater as a district.
2. Any site that turns dirt, pays $100,000
initiation fee. All of the fees are set aside
for future stormwater capital for the district.
3. We provide approximately $1.2 million for
district stormwater improvements. Water
quality and quantity management.
4. If singular sites increase impervious
surface, a separate evaluation would take
place to determine impact and
improvements to be made by the
developer.
44. [ Affordable
Housing
Adopted Goal of 300 new units
Adopted Goal of 300 new units
--ThePark has agreed to provide 65
The Park has agreed to provide 65
--DHICproposal can add up to 200 more
DHIC proposal can add up to 200 more
--Otheropportunities
Other opportunities
]
48. [ Projected Investment: Private]
District Value
District Value
•Land
•Land
•Building
•Building
TOTAL
TOTAL
$57,602,000
$57,602,000
$96,400,000
$96,400,000
$154,000,000
$154,000,000
If the District were a Municipal Improvement District with a tax rate of $.10 it could generate $154,000
If the District were a Municipal Improvement District with a tax rate of $.10 it could generate $154,000
per year.
per year.
If the value were increase according to projections, a tax rate of $.05 would generate $162,000.
If the value were increase according to projections, a tax rate of $.05 would generate $162,000.
PROJECTED INVESTMENT
Projected
TOCH Tax
Existing CH
Name
Property Square Feet Value PSFProjected Value (.515)
Existing Value
Tax
Net
Quality Inn
200000
$175
$35,000,000
$180,250
$6,017,642
$30,931
$149,319
The Park
Residences
680000
$150
$102,000,000
$525,300
$7,369,494
$37,879
$487,421
The Park (comm site)
$3,000,000
$15,450
$15,450
$15,450
Former Theater
Residences
240000
$150
$36,000,000
$185,400
$1,345,050
$6,914
$178,486
Retail
10000
$100
$1,000,000
$5,150
$5,150
$5,150
$0
TOTAL PROJECTED:
$177,000,000
$911,550
$14,732,186
$96,323
$835,827
GROWTH
$12
Projected Value is based on the TIF Analysis Appendix of the Small Area Plan - 2011
1200% growth in Tax base value for the properties. A little over 100% growth in value for the district.
Zoning does affect the projected income for the financing.
49. [ Financing: Public ]
Phase
Phase I I
Phase II
Phase II
Phase III
Phase III
Phase VI
Phase VI
Stormwater
Stormwater
Borrow
Borrow
$2.4M
$2.4M
$4.0M (assuming stop control Ephesus Church)
$4.0M (assuming stop control atatEphesus Church)
$1.3M
$1.3M
$1.1M
$1.1M
$1.2M
$1.2M
$10.M 2014-2015
$10.M 2014-2015
Projected net new taxes(TCH only)
$835,000
Projected net new taxes(TCH only)
$835,000
Annual Debt service
$770,000
Annual Debt service
$770,000
OPTION: Additional tax from district until sufficient?
OPTION: Additional tax from district until sufficient?
New taxes
$100,000
New taxes
$100,000
Redevelopment projects carry the debt for the district.
Redevelopment projects carry the debt for the district.
50. [ The Plan: Stimulate private
]
Create two-level
investmentfinancing district with Project Development
Financing as the primary and capture increased value from the
Town to pay debt.
1)
1)
Project Development Financing Request that the
Project Development Financing --Request that the
County consider participating in the debt repayment by
County consider participating in the debt repayment by
pledging new taxes from new development back to the Town
pledging new taxes from new development back to the Town
until the debt is paid. If we borrow $10,000,000 the annual
until the debt is paid. If we borrow $10,000,000 the annual
payment would be around $900,000 for 15yrs, (or
payment would be around $900,000 for 15yrs, (or
[Recommended the County does notparticipate $770,000 for 20 yrs).
participate]
participate
[Recommended ififthe County does not participate] $770,000 for 20 yrs).
2)
Authorize a Municipal Service District (as secondary) to
2)
Authorize a Municipal Service District (as secondary) to
pay for maintenance of the Stormwater improvements, probably
pay for maintenance of the Stormwater improvements, probably
a tax rate of $.02 for a targeted minimum of $50,000 annually.
a tax rate of $.02 for a targeted minimum of $50,000 annually.
Tax rate can be reduced as the value of the district increases.
Tax rate can be reduced as the value of the district increases.
This district can also be utilized to back-up the bond debt for the
This district can also be utilized to back-up the bond debt for the
TIF.
TIF.
51.
52.
53.
54.
55. [ Future timeline ]
Small Area Plan: Adopted June 2011
Small Area Plan: Adopted June 2011
Phase I: Plan Adoption
Phase I: Plan Adoption
Mayors Innovation Project: Sept 2012
Mayors Innovation Project: Sept 2012
Public Update: February 28, 2013
Public Update: February 28, 2013
Phase II: Write the Code
Phase II: Write the Code
Public Review Draft :: Summer 2013
Public Review Draft Summer 2013
Council Considers Code: 1/22/2014 and
Council Considers Code: 1/22/2014 and
2/24/2014
2/24/2014
Phase III: Improvements
Phase III: Improvements
July 2014-2015
July 2014-2015
56. Why this is important?
• Opportunity for real tax base growth
• New walkable district to meet with the brand we
have previously established
• First action step coming after adoption of Chapel
Hill 2020
• Potential for helping set the pace for our future
• Message it sends to the regional community about
our interest in business and growth
• Opportunity to create a better business district than
currently exists
Attend Council meetings - 1/21/2014 and 2/24/2014