Ephesus Fordham Information Session for Area Businesses

Presentation for

March 4, 2014

[ Ephesus Church - Fordham

Boulevard ] Small Area Planning and Traffic/Stormwater Analysis

[ Framework Plan ]

• 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 Components: Density ]

Higher Density Lower Density

Presented to Council:February 28, 2011 &

May 16, 2011

• Transitions to neighborhoods

• Density along Fordham Blvd.

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+/-

[ Implementation ] [ Implementation ]

> Implementation Strategies (Adopted by Council)

1.Create zoning tools to help encourage redevelopment

2.Work with Planning Department to establish the best mechanism for regulatory changes and the timing associated

with it.

3.Create a New Redevelopment Zoning District.

4.Consider Development Agreements.

5.Move forward with further evaluation of transportation/transit solutions for the district

6.Conduct preliminary engineering on priority projects to establish feasibility and refined cost.

7.Work with NCDOT to identify future partnerships on transportation projects of regional significance.

8.Work to organize the area for future conversations based around planned and conceptualized improvements

9.Work with area stakeholders to implement “low hanging fruit” improvements.

10.Continue ongoing discussions with community citizens as implementation continues.

11.Continue project-by-project negotiations with property owners and development interests to communicate intent of

the plan.

12.Seek alternatives to finance improvements based on engineering work and other public improvements,.

13.Explore the feasibility of public/private financing mechanisms such as a Municipal Service District (MSD), Tax

Increment Finance (TIF) and/or a synthetic TIF

> Implementation Strategies (Adopted by Council)

1.Create zoning tools to help encourage redevelopment

2.Work with Planning Department to establish the best mechanism for regulatory changes and the timing associated

with it.

3.Create a New Redevelopment Zoning District.

4.Consider Development Agreements.

5.Move forward with further evaluation of transportation/transit solutions for the district

6.Conduct preliminary engineering on priority projects to establish feasibility and refined cost.

7.Work with NCDOT to identify future partnerships on transportation projects of regional significance.

8.Work to organize the area for future conversations based around planned and conceptualized improvements

9.Work with area stakeholders to implement “low hanging fruit” improvements.

10.Continue ongoing discussions with community citizens as implementation continues.

11.Continue project-by-project negotiations with property owners and development interests to communicate intent of

the plan.

12.Seek alternatives to finance improvements based on engineering work and other public improvements,.

13.Explore the feasibility of public/private financing mechanisms such as a Municipal Service District (MSD), Tax

Increment Finance (TIF) and/or a synthetic TIF

[ Functional Engineering ][ Functional Engineering ]

1A1C

23

6

1B

Eastgate

1

A

1

B

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.

- Currently unfunded

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.

Eastgate

[ Modern Code Components ]

BUILDING TYPESBUILDING TYPES ELEMENTSELEMENTS USESUSES PARKINGPARKING

BLOCKSBLOCKS STREETSSTREETS ADMINISTRATIONADMINISTRATION MAPMAP

++ ++ ++

++ ++ ++

[ Modern Code Components ]

BUILDING TYPESBUILDING TYPES ELEMENTSELEMENTS USESUSES PARKINGPARKING

BLOCKSBLOCKS STREETSSTREETS ADMINISTRATIONADMINISTRATION MAPMAP

++ ++ ++

++ ++ ++

Ephesus Church Road

Elliott Road Extension

Fordham Boulevard

Franklin Street

Elliott Road

Legion Road

*

*

*

[ Stormwater ][ Stormwater ]

How do we allow development to occur in this district when it is prone to flooding?

1. Manage Stormwater as a district. Develop a Municipal Service District to fund maintenance, collect only minimum of $50,000.

2. Any site that turns dirt, pays initial fee for future capital for stormwater.

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.

5. We have also requested $700,000 from MPO to fund connections between Eastgate and Village Plaza across the proposed Best Management Practice (BMP).

1

2

21

[ 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

-DHIC proposal can add up to 200 units-Other opportunities

Adopted Goal of 300 new units

-DHIC proposal can add up to 200 units-Other opportunities

[ Affordable Housing ][ Affordable Housing ]

[ Plan Implementation][ Plan Implementation]

District Value

•Land $57,602,000

•Building $96,400,000

TOTAL $154,000,000

District Value

•Land $57,602,000

•Building $96,400,000

TOTAL $154,000,000

[ Ephesus Church-Fordham District ][ Ephesus Church-Fordham District ]

Roads $8.8 million

Storm water $1.2 million

Total $10. million

Roads $8.8 million

Storm water $1.2 million

Total $10. million

[ Projected Investment: Private]With Orange County

[ Projected Investment: Private]With Orange County

Name Property Square FeetValue PSFProjected Value

Projected TOCH Tax (.515) Existing Value

Existing CH Tax Net

Orange County PROJECTED

Quality Inn 200000 $175 $35,000,000 $180,250 $6,017,642 $30,931 $149,319 $300,300The Park Residences 680000 $150 $102,000,000 $525,300 $7,369,494 $37,879 $487,421 $875,160The Park (comm site) $3,000,000 $15,450 $15,450 $25,740Former Theater Residences 240000 $150 $36,000,000 $185,400 $1,345,050 $6,914 $178,486 $308,880

Retail 10000 $100 $1,000,000 $5,150 $5,150 $8,580$0 $0

TOTAL PROJECTED: $177,000,000 $911,550 $14,732,186 $75,723 $835,827 $1,518,660GROWTH $12

Total available Incuding Orange Co. $2,354,487

PROJECTED INVESTMENT

Projected Value is based on the TIF Analysis Appendix of the Small Area Plan - 2011

Other potential redevelopment opportunities:

1)Ram’s Plaza2)Chapel Hill Inn (former Holiday Inn)3)Eastgate4)Other shopping centers

Other potential redevelopment opportunities:

1)Ram’s Plaza2)Chapel Hill Inn (former Holiday Inn)3)Eastgate4)Other shopping centers

[ Financing: Public ][ Financing: Public ]

Project Development Financing (TIF) – A method where local government borrows against future tax income created by already planned new development.

Special Assessment District – The Bond debt is broken up and allocated for the life of the bonds to each property owner on a pro-rata basis.

Municipal Service District – An equal tax to all business and property owners in the district with the rate set annually.

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

[ 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 maintenance, probably a tax rate of $.04 for a targeted minimum of $50,000 annually. Tax rate can be reduced as the value of the district increases.

2) Authorize a Municipal Service District (as secondary) to pay for maintenance of the Stormwater maintenance, probably a tax rate of $.04 for a targeted minimum of $50,000 annually. Tax rate can be reduced as the value of the district increases.

Create two-level financing district with Project Development Financing as the primary and capture increased value from the Town to pay debt.

[ Future timeline ][ Future timeline ]

> Work Session on March 6, 2014 at Chapel Hill Library at 6:00pm

> Town Council on March 24, 2014 at Southern Human Services Center at 7:00pm.

T oday:

1.Reviewed Small Area Plan

2.Concepts for traffic improvements

3.Working on the details of a stormwater plan

4.That Council is considering the rezoning for the district

5.The we will have the final Stormwater plans/model in late March

6.Council will vote on the Stormwater Plan in April/May

7.Finalize the vote on synthetic/TIF financing in May

8.Establish a Municipal Service District in May

9.Set a date for all items to be effective (probably July 1, 2014)

Thank You !q u e s t i o n s ?

Thank You !q u e s t i o n s ?