Ephesus Fordham Information Session for Area Businesses

50 %
50 %
Information about Ephesus Fordham Information Session for Area Businesses
Real Estate

Published on March 3, 2014

Author: carolinachamber

Source: slideshare.net

Presentation for March 4, 2014

[ Ephesus Church - Fordham Boulevard ] Small Area Planning and Traffic/Stormwater Analysis

[ 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

[ Framework Components: Density ] • Transitions to neighborhoods • Density along Fordham Blvd. Presented to Council: February 28, 2011 & May 16, 2011 Higher Density Lower Density

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)

[ Conceptual 3D Massing ]

[ Ephesus Church- Fordham SAP ] Development Summary Residential Units 1,084 +/Office 368,000 +/- Retail 258,000 +/- Hotel 280,000+/-

[ Implementation ]

> Implementation Strategies (Adopted by Council) > Implementation Strategies (Adopted by Council) 1.Create zoning tools to help encourage redevelopment 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 2.Work with Planning Department to establish the best mechanism for regulatory changes and the timing associated with it. with it. 3.Create a New Redevelopment Zoning District. 3.Create a New Redevelopment Zoning District. 4.Consider Development Agreements. 4.Consider Development Agreements. 5.Move forward with further evaluation of transportation/transit solutions for the district 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. 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. 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 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. 9.Work with area stakeholders to implement “low hanging fruit” improvements. 10.Continue ongoing discussions with community citizens as implementation continues. 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 11.Continue project-by-project negotiations with property owners and development interests to communicate intent of the plan. the plan. 12.Seek alternatives to finance improvements based on engineering work and other public improvements,. 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 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 Increment Finance (TIF) and/or a synthetic TIF

[ Functional Engineering ]

1B Eastgate 1A 6 1C 3 2

1 A

1 B

1 C

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

6 Willow Drive to Elliot Road Connector: This connector road needs additional functional engineering and consideration.

• • • • 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.

Eastgate

[ Modern Code Components ] BUILDING TYPES ELEMENTS USES + + BLOCKS + + + STREETS PARKING + ADMINISTRATION MAP

[ Modern Code Components ] BUILDING TYPES ELEMENTS USES + + BLOCKS + + + STREETS PARKING + ADMINISTRATION MAP

Fordham Boulevard Franklin Street Legion Road Ephesus Church Road Elliott Road Elliott Road Extension

*

*

*

[ 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 1 2 2

[ Conceptural Sketch ]

Key Items to improve flow and prevent daming.

[ Affordable Housing ]

[ Affordable Housing Adopted Goal of 300 new units Adopted Goal of 300 new units --DHICproposal can add up to 200 units DHIC proposal can add up to 200 units --Otheropportunities Other opportunities ]

[ Affordable Housing ]

[ Plan Implementation]

[ Ephesus Church-Fordham District ] 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 Roads Roads $8.8 million $8.8 million Storm water Storm water $1.2 million $1.2 million Total Total $10. million $10. million

[ Projected Investment: Private] With Orange County PROJECTED INVESTMENT Projected TOCH Tax Existing CH Orange County Name Property Square FeetValue PSFProjected Value (.515) Existing Value Tax Net PROJECTED Quality Inn 200000 $175 $35,000,000 $180,250 $6,017,642 $30,931 $149,319 $300,300 The Park Residences 680000 $150 $102,000,000 $525,300 $7,369,494 $37,879 $487,421 $875,160 The Park (comm site) $3,000,000 $15,450 $15,450 $25,740 Former 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 $1,518,660 GROWTH $12 Projected Value is based on the TIF Analysis Appendix of the Small Area Plan - 2011 Total available Incuding Orange Co. $2,354,487 Other potential redevelopment opportunities: Other potential redevelopment opportunities: 1)Ram’s Plaza 1)Ram’s Plaza 2)Chapel Hill Inn (former Holiday Inn) 2)Chapel 3)Eastgate Hill Inn (former Holiday Inn) 3)Eastgate 4)Other shopping centers 4)Other shopping centers

[ 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.

[ 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

[ The Plan: Stimulate private investment ] Create two-level financing 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 maintenance, probably pay for maintenance of the Stormwater maintenance, probably aa tax rate of $.04 for a targeted minimum of $50,000 annually. Tax tax rate of $.04 for a targeted minimum of $50,000 annually. Tax rate can be reduced as the value of the district increases. rate can be reduced as the value of the district increases.

[ 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 ! questions?

Add a comment

Related presentations

Related pages

Ephesus Church /Fordham Focus Area Information Session ...

... participate in an information session from 7 ... regulations in the Ephesus Church /Fordham Boulevard area. ... Ephesus Church /Fordham Focus Area ...
Read more

CHTC Eyes Ephesus-Fordham Renewal Plan

CHTC Eyes Ephesus-Fordham Renewal ... acres in the Ephesus Church-Fordham Boulevard area. ... information session is scheduled for February 20; ...
Read more

CHTC Eyes Ephesus-Fordham Renewal Plan - Chapelboro.com

Town planners call the chance to redevelop the Ephesus Church-Fordham Boulevard area a ... The Ephesus-Fordham ... A public information session ...
Read more

CHTC Likely To Delay Vote On Ephesus-Fordham Redevelopment ...

... on the controversial Ephesus-Fordham proposed renewal plan during a special work session ... overrun the area and retail businesses wouldn ...
Read more

Town of Chapel Hill, NC : Background Materials

Business License Forms; Library Card; Open Jobs; Public Housing; ... Town Facilities Information; Volunteer Opportunities; Residents. About Chapel Hill ...
Read more

Graduate Admissions | Fordham

You can complete your business school application online. ... See more detailed contact information. ... © 2015 Fordham University ...
Read more

Town of Chapel Hill, NC : Administrative Processes

... 2020 » Future Focus Areas » The Ephesus Fordham District » Progress Reports. Administrative Processes. ... Ephesus/Fordham District. Council ...
Read more

About | Fordham

Information for : current students ... in four principal areas that ... and to explore this site to learn how a Fordham business education can ...
Read more

Take a spring study tour to Turkey, Ireland or Japan

Destinations: Istanbul, Izmir and Ephesus ... Information session: ... GabelliConnect is the news site of the Gabelli School of Business at Fordham ...
Read more