AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
title
Public Hearing: Chapel Hill Ventures LLC Incentive Agreement
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT*
David Putnam, Director, Economic Development Department
STAFF RECOMMENDATION*
Staff recommends that Council adopt the resolution authorizing the Town Manager to sign the Chapel Hill Ventures LLC Incentive Agreement.
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ACTION/DECISION POINTS*
Council must approve or reject the resolution to authorize the Town Manager to execute the incentive agreement with Chapel Hill Ventures LLC allowing issuance of a performance-based parking credit incentive not to exceed $280,000 over five years.
BACKGROUND AND CONTEXT*
Council will consider a proposed incentive agreement for Project Chapel Hill Ventures LLC, planning to invest major capital investment in downtown Chapel Hill. The incentive includes an in-kind parking credit in an amount not to exceed and up to $280,000, to be paid in five annual payments at a maximum credit of $56,000 per year, contingent upon company new taxable investment (real and personal).
FINANCIAL IMPACT
The incentive amount will not exceed $280,000 in foregone parking revenue over five years. Payments are performance-based and tied to verified taxable investment by the company. Forecasted revenue impacts presented to Council indicate that the Town will achieve a net positive fiscal return through increased property values and associated revenues.
COMPLETE COMMUNITY CONNECTION
This project supports the Town’s goal of maintaining a vibrant, active, and economically resilient downtown by increasing employment, supporting local business activity, and encouraging redevelopment of underutilized sites.
ATTACHMENTS
Resolution
Draft Staff Presentation
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