New Development
Neighborhood Concerned about Possible Development
Neighbors of a proposed new development called Colleton Crossing addressed the Carrboro Alderman in a December meeting, saying the new development would disrupt the existing neighborhood. The new plan calls for 39 new single family homes located off Reynard Road and Tally Ho Trail. Homes would likely be priced from $500,000-$800,000, with six being sold to the County Land Trust for $130,000. The primary concern of the residents is that the added development would increase traffic by 390 trips daily and would create a safety issue for kids playing in and around the street. For the full story, click here.
Developer Seeks Housing Exemption
Carrboro developer Trip Overholt appeared before the Carrboro Aldermen to ask that his proposed development, Verida, be exempted from the town’s affordable housing requirement. He claims that his development, which uses a co-housing model, and features $289,000, 3 bedroom, 2 bath detached condos, are more affordable than anything else being built in Carrboro right now. The Board of Aldermen did not make a decision on the affordability issue and are to bring it up again at a future meeting. For the full story, click here.
Schools
County Commissioners Approve Impact Fee Increase
Orange County Commissioners approved an impact fee increase at their meeting in early December. For homes built in the Orange County school district, the $3,000 fee will remain the same in 2009 but increase to $3,749 in 2010, a 25 percent increase. Homes built in the Chapel Hill-Carrboro school district will have a $6,092 fee this year, which is a 38 percent increase over the current fee. In 2010, Chapel Hill-Carrboro home fees will increase again to $7,616. This is the first time the fees have increased since 2001. For the full story, click here.
CHCCS Releases Reading Results
Students in the Chapel Hill-Carrboro City Schools continue to outperform their counterparts across North Carolina in reading, despite a drop in reading test performance. This year, significant changes were made in the tests given to students in grades 3-8, including setting higher standards for attaining proficiency. As a result, 78.5 percent of CHCCS students posted proficiency in reading while in 2008, that number was 93.4 percent. The drop in scores in the Chapel Hill-Carrboro district is approximately one-half of the decline seen statewide. “In raising standards, we may make students better readers in the end, but the presentation of the results the first year with new standards can be demoralizing to students and staff," said Executive Director for Testing and Program Evaluation Diane Villwock. For the full story, click here.
Orange County
Forum Weighs Density
Neighborhoods for Responsible Growth held a meeting at Chapel Hill Town Hall to discuss the town’s pursuit of density and ways to manage Chapel Hill’s growth. Citizens shared their thoughts on housing affordability and expanding the commercial tax base, while others voiced concerns about building design and the need to update the comprehensive plan. The meeting included a panel of experts, and was attended by about 100 people. For the full story, click here.
Discussion Over Carolina North Continues
Representatives from UNC Chapel Hill and members of the Chapel Hill Town Council continued discussions about Carolina North in an early December meeting. The meeting focused on how to stage and scale the development over its fifty year build out. Councilmember Bill Strom reminded university representatives that the town expects the development to function as a “mixed used, transit friendly, development from the outset.” A development agreement is expected to be reached by June of 2009. For the full story, click here.
Downtown Parking to Tighten Up
Once work on the Lot 5 development begins, parking in downtown Chapel Hill is likely to get worse before it gets better. Ram Development Co may break ground on 140 West condominium project at Parking Lot 5 in January, which will eliminate 170 parking spaces. The town has tried to put together other parking options, in the meantime, with most of the identified options on the west end of Franklin Street. Further plans and solutions for parking in downtown will be outlined in a January report by the Chapel Hill Downtown Partnership. For the full story, click here.
Chapel Hill Transit Explores Pittsboro-Chapel Hill Route
A direct express bus between Pittsboro and Chapel Hill is being developed by the two towns and is garnering support from Chatham County residents that make the commute to Chapel Hill daily. Many of the details, including stops, hours and costs are being worked out, and Chapel Hill Transit has received a state grant that will cover up to 50 percent of the cost for 18 months. It is estimated that 30 percent of UNC and UNC Hospital employees live in Chatham and Alamance counties. For the full story, click here.
Town Manager Projects Budget Cuts
The Chapel Hill Town Council is in the midst of deciding how to handle the local fall-out from the financial market crises. Town Manager Roger Stancil recently gave the Council an update on town revenue projections, citing that sales tax revenues are likely to be 5 to 10 percent below projections. Stancil is also projecting less revenue growth from property revaluations that will be done in 2009 and a decrease in money collected from development fees.
In order to meet those challenges, Stancil has reduced expenditures by 5 percent -- approximately $2.5 million -- and declared that no departmental positions can be filled without his approval. In response to Stancil's report, Councilman Jim Ward urged a budget cut of $1 million beyond the prescribed five percent, arguing that budget shortfalls would likely be deeper and more long lasting. For the full story, click here.
County Examining Procedures for Reviewing Potential Airport
At a meeting this morning, the Orange County attorney, manager, and planning director met to discuss how they would handle a potential application for a new airport in the County. Part of the discussion in the meeting focused on determining whether a new airport authority created by UNC would be a private, public, or quasi-public body. Determining this will help shape how the potential project would move forward. If a private developer makes application to build the airport, a special use permit would be required and could take between six to nine months for approval. In Monday’s meeting, staff also reviewed whether the county’s current zoning is adequate for an airport and the properties surrounding it. Currently, county zoning only deals with building heights on an airport site and not the land around it. For the full story, click here.
County Commissioners Welcome New Members
The Orange County Commissioners welcomed newly elected Commissioners Pam Hemminger, Bernadette Pelissier and Steve Yuhasz to the board in a December meeting. The new seven-member board also elected Valerie Foushee as board chair and Mike Nelson as board vice-chair. Additionally, long time serving board member Moses Carey retired after 24 years of service.
From the News of Orange
Tax Values Up in Orange County
The total assessed valuation for Orange County increased from $11.5 billion in 2004 to $14 billion in 2008, a 22 percent increase. Most properties throughout the county saw an increase of between 20 and 30 percent in value. The increase seems shocking to many, especially in light of recent reports of the housing and credit slump but appraisers say homeowners should remember the revaluation takes into account the past four years, which were strong years. For the full story, click here.
The Triangle
Pittsboro on Biofuels Map
The Roundtable on Sustainable Biofuels, located in Lausanne, Switzerland, recently established an office in Pittsboro. The Chatham County office will lead efforts in America to create a seal of approval for biofuels produced in an ecologically sound manner. The Roundtable hired away Matt Rudolf of the Piedmont Biofuels Cooperative, a group that makes and sells biodiesel locally. For the full story, click here.
Chatham County Revises Land Use Rules
After two years of work, the Chatham County Board of Commissioners has approved major revisions to the County’s zoning ordinance, soil erosion and sedimentation control ordinance and subdivision regulations, and also adopted a new stormwater ordinance. The new regulations will help the county ensure that growth and development is managed, so that they “can better meet the infrastructure needs that come with population growth, according to George Lucier, chairman of the Chatham County Board of Commissioners. For the full story, click here.
Entrepreneurship Fund Established in Chatham County
Entrepreneurs in Chatham County could get a boost thanks to a recently implemented loan fund. The Chatham County Economic Development Corporation and the Center for Community Self-Help have established the Chatham Loan Fund, which will help finance loans to residents who are starting or operating a business in the area. Dianne Reid, president of the Chatham County EDC, says the fund will target local women, minorities and residents as young as 18. For the full story, click here.
Durham Government Bracing for Tax Shortfall
Durham County Manager Mike Ruffin recently instituted a hiring and buying freeze in county government. The city of Durham has had such a freeze for the past few months. Both the city and county will have a better sense of revenues in January when property tax revenue is received. In the meantime, Durham is seeing a drop in inspections and deed registrations, typically strong revenue sources. The County’s sales tax revenue during the first fiscal quarter (July-September) was close to projections but commissioners expect revenue to drop in the coming months. For the full story, click here.
Business Closings and Layoffs Update
Data derived from a statewide survey of newspaper accounts of business closings and layoffs and additional information supplied by the Employment Security Commission, suggests that approximately 467 individuals have been affected by regional (Orange, Chatham, Durham and Wake Counties) closings and layoffs. More specifically, 8 Durham businesses have closed, resulting in 70 layoffs and 17 Wake County businesses have closed, which affect 397 people. There were no closing or layoffs mentioned for Orange or Chatham counties.
Light Rail Plans Possibly Changed
Officials are now thinking a future rail-based transit system in the Triangle can use lightweight coaches and engines over its entire 56-mile length, rather than the heavyweight units they once envisioned. The potential change in approach comes after managers of the N.C. Railroad Co. signaled last month that they believe the region's main east-west rail corridor is wide enough to support a stop-and-go light-rail system for local traffic and heavier commuter trains for people arriving here from places as far afield as Greensboro and Goldsboro.
Light and heavier rail would share the corridor with the Norfolk Southern and CSX freight trains that will continue traveling through the area, planners say. “It's been done elsewhere," Durham Transportation Manager Mark Ahrendsen said, "Definitely not on the same tracks, but on the same right of way." For the full story, click here.
State
Federal Reserve Bank Expects Recession to mid-2009
Minutes from the Fed’s Open Market Committee show that its members believe the national economy has been in a recession since the summer and will continue to struggle through the first two quarters of 2009. The bank says declining gas prices should ward off inflationary pressure. For the full story, click here.
North Carolina's Banks Prepared for Bad Loans
North Carolina’s state-chartered banks are more equipped than their national peers to handle future loan losses, according to new federal data. The FDIC says that the 93 FDIC insured NC state banks have reserves for loan losses equal to 87.6 percent of loans and leases that are at least 90 days past due. The nation-wide average for state-chartered banks is 69.5 percent and the average for nationally chartered banks is 85 percent. For the full story, click here.
North Carolina is Fourth Fastest Growing State
According to the U.S. Census Bureau, North Carolina was the fourth fastest growing state from July 2007 to July 2008. The state’s population grew by two percent, or 180,820 residents, during that time. Only Utah, Arizona and Texas grew faster than North Carolina from 2007-2008. For the full story, click here.
The Real Estate Report is produced monthly by the Chapel Hill Chamber of Commerce and the Greater Chapel Hill Association of Realtors
