View
307
Download
0
Tags:
Embed Size (px)
DESCRIPTION
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.
Citation preview
[ Agenda]
Review Joe Minicozzi work
Small Area Plan
Engineering and studies from the past 2 years
Financing
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
Downtown
Meadowmont
Southern Village
Ephesus Church Fordham
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
[ Joe Minicozzi: Economics of Land Development Patterns ]
?
[ Ephesus Church - Fordham
Boulevard ] Small Area Planning and Traffic Analysis
1. Small Area Plan
2. Functional Engineering and stormwater
3. Financing the improvements.
1. Small Area Plan
2. Functional Engineering and stormwater
3. Financing the improvements.
[ Ephesus Church - Fordham
Boulevard ] Goals for tonight:
• Increased Connectivity Throughout
• Create Greenspace System
• Create Mixed-Use Nodes• Multi-Family Residential
Development• Increased Transit
Presence and Facilities • Roadway Operational
Improvements:1. Extend Legion Road2. Extend South Elliot Road3. Long-Term Road Connections in
Village Plaza and Ram’s Plaza4. Intersection Improvements5. Operational Improvements
[ Framework Plan ]
• Transitions to neighborhoods
• Density along Fordham Blvd.
[ Framework Components: Density ]
Higher Density Lower Density
Presented to Council:February 28, 2011 &
May 16, 2011
[ Conceptual Plan Components ]
Development Density
Neighborhood Transition Approximately 3-4 stories
Central Residential Core Approximately 5-6 stories
High Density Mixed-Use and Commercial
Development
Approximately 6+ 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)
[ Conceptual 3D Massing ]
[ Ephesus Church- Fordham
SAP ]Development Summary
Residential Units 1,084 +/-
Office368,000 +/-
Retail258,000 +/-
Hotel 280,000+/-
? 1. Review how we arrived at this destination (Small Area Plan)
1. Review how we arrived at this destination (Small Area Plan)
[ Implementation ] [ Implementation ]
[ Functional Engineering ][ Functional Engineering ]
1A1C
23
6
1B
1A
1B
1C
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.
2
3
Willow Drive to Elliot Road Connector:
This connector road needs additional functional engineering
and consideration.
6
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.
• 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.
[ Stormwater ][ Stormwater ]
How do we allow development to occur in this district when it is prone to flooding?
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.
[ Conceptural Sketch ][ Conceptural Sketch ]
Key Items to improve flow and prevent daming.
[ Affordable Housing ][ Affordable Housing ]
[ Affordable Housing ][ Affordable Housing ]
Adopted Goal of 300 new units
-The Park has agreed to provide 65-DHIC proposal can add up to 200 more-Other opportunities
Adopted Goal of 300 new units
-The Park has agreed to provide 65-DHIC proposal can add up to 200 more-Other opportunities
[ Apartment Market][ Apartment Market]
Apartment Complex 1 Bed 2 Bed avg 3 Bed 1 Bed 2 Bed avg 3 Bed Units1 Kingwood Apts $489 - $529 $554 - $634 $594.00 $505-$710 $655-$810 $732.50 3302 Kings Arms $600 - $625 $612.50 $685-$720 $702.50 643 Timberlyne Village $589 - $715 $599 - $749 $674.00 $635-$685 $785-$825 $805.00 n/a4 Booker Creek Apts $699 - $719 $709.00 $835-$920 $877.50 1185 Colony (The Park) $525 -$535 $675 - $745 $710.00 $565-$585 $710-$835 $772.50 1986 Pinegate Apts $477 - $637 $657 - $847 $752.00 $605-$750 $669-$950 $809.50 2987 Franklin Woods Apts $650 - $670 $755 - $775 $765.00 $790-$970 $785-$955 $870.00 1008 Sagebrook $596 - $701 $678 - $894 $786.00 $725-$835 $840-$975 $907.50 2809 Shadowwood $575 - $685 $755 - $820 $787.50 $684-$809 $913-$971 $942.00 336
10 Foxcroft $674 - $714 $784 - $930 $857.00 $865 - $930 $764 $879-$989 $934.00 $995-$1,035 24811 Glen Lennox $660 - $800 $760 - $955 $857.50 $880 - $1,100 $710-$840 $780-$995 $887.50 $905-$1,165 44012 Sunstone $737 - $785 $796 - $935 $865.50 $815-$995 $900-$1,080 $990.00 26013 Timber Hollow $650 - $745 $899 - $925 $912.00 $714 -$835 $965-$995 $980.00 19814 Laurel Ridge $645 - $675 $750 - $1,225 $987.50 $685-$835 $785-$859 $822.00 $999-$1,249 16015 The Pointe of Chapel Hill $750 - $870 $960 - $1,250 $1,105.00 $1,420 - $1,460 $950-$1,225 $900-$1,458 $1,179.00 $1,366-$1,729 24016 Southern Village Apts $910 - $1,035 $1,115 - $1,290 $1,202.50 $1,495 - $1,570 $1,055-$1,180 $1,175-$1,285 $1,230.00 $1,565-$1,690 25017 Notting Hill $850 - $1,281 $1,136 - $1,507 $1,321.50 $1,187 - $1,473 $833-$778 $1,006-$1,406 $1,206.00 $1,268-$1,518 n/a18 Apts at Meadowmont $1,035 - $1,260 $1,345 - $1370 $1,357.50 $1,725 - $1,775 $1,421-$1,626 $1,521-$1,584 $1,552.50 $1,885-$1,994 25819 Cosgrove Hill $1,160 - $1,175 $1,400 - $1,600 $1,500.00 $1,920 - $2,320 $1,180-$1,230 $1,530-$1,635 $1,582.50 $1,935-$2,330 12920 Northampton Plaza $640 - 800 $899 154
2010 2013Advertisied Rents for Apartments Complexes
Sorted by 2010 rent averaged
? 1. Small Area Plan
2. Functional Engineering and storm water
1. Small Area Plan
2. Functional Engineering and storm water
[ Plan Implementation][ Plan Implementation]
1200% growth in Tax base value for the properties. A little over 100% growth in value for the district.
[ Projected Investment: Private][ Projected Investment: Private]
Name Property Square FeetValue PSFProjected Value
Projected TOCH Tax (.515) Existing Value
Existing CH Tax Net
Quality Inn 200000 $175 $35,000,000 $180,250 $6,017,642 $30,931 $149,319The Park Residences 680000 $150 $102,000,000 $525,300 $7,369,494 $37,879 $487,421The Park (comm site) $3,000,000 $15,450 $15,450 $15,450Former 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 $835,827GROWTH $12
Projected Value is based on the TIF Analysis Appendix of the Small Area Plan - 2011
PROJECTED INVESTMENT
Zoning does affect the projected income for the financing.
District Value
•Land $57,602,000
•Building $96,400,000
TOTAL $154,000,000If the District were a Municipal Improvement District with a tax rate of $.10 it could generate $154,000 per year.
If the value were increase according to projections, a tax rate of $.05 would generate $162,000.
District Value
•Land $57,602,000
•Building $96,400,000
TOTAL $154,000,000If the District were a Municipal Improvement District with a tax rate of $.10 it could generate $154,000 per year.
If the value were increase according to projections, a tax rate of $.05 would generate $162,000.
Phase I $2.4MPhase II $4.0M (assuming stop control at Ephesus Church)
Phase III $1.3MPhase VI $1.1MStormwater $1.2MBorrow $10.M 2014-2015
Phase I $2.4MPhase II $4.0M (assuming stop control at Ephesus Church)
Phase III $1.3MPhase VI $1.1MStormwater $1.2MBorrow $10.M 2014-2015
Projected net new taxes(TCH only) $835,000Annual Debt service $770,000OPTION: Additional tax from district until sufficient?
New taxes $100,000
Redevelopment projects carry the debt for the district.
Projected net new taxes(TCH only) $835,000Annual Debt service $770,000OPTION: Additional tax from district until sufficient?
New taxes $100,000
Redevelopment projects carry the debt for the district.
[ Financing: Public ][ Financing: Public ]
[ The Plan: Stimulate private
investment ][ The Plan: Stimulate private
investment ]
1) Project Development Financing - Request that the County consider participating in the debt repayment by pledging new taxes from new development back to the Town until the debt is paid. If we borrow $10,000,000 the annual payment would be around $900,000 for 15yrs, (or [Recommended if the County does not participateif the County does not participate] $770,000 for 20 yrs).
1) Project Development Financing - Request that the County consider participating in the debt repayment by pledging new taxes from new development back to the Town until the debt is paid. If we borrow $10,000,000 the annual payment would be around $900,000 for 15yrs, (or [Recommended if the County does not participateif the County does not participate] $770,000 for 20 yrs).
2) Authorize a Municipal Service District (as secondary) to pay for maintenance of the Stormwater improvements, probably 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. This district can also be utilized to back-up the bond debt for the TIF.
2) Authorize a Municipal Service District (as secondary) to pay for maintenance of the Stormwater improvements, probably 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. This district can also be utilized to back-up the bond debt for the TIF.
Create two-level financing district with Project Development Financing as the primary and capture increased value from the Town to pay debt.
Phase I: Plan AdoptionPhase I: Plan AdoptionSmall Area Plan: Adopted June 2011Small Area Plan: Adopted June 2011
Mayors Innovation Project: Sept 2012Mayors Innovation Project: Sept 2012
Phase II: Write the CodePhase II: Write the Code
Public Update: February 28, 2013Public Update: February 28, 2013
Public Review Draft : Summer 2013Public Review Draft : Summer 2013
Council Considers Code: 1/22/2014 and 2/24/2014
Council Considers Code: 1/22/2014 and 2/24/2014
Phase III: ImprovementsPhase III: Improvements July 2014-2015July 2014-2015
[ Future timeline ][ Future timeline ]
Why this is important?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 Attend Council meetings - 1/21/2014 and 2/24/2014
Thank You !
Questions?
Thank You !
Questions?