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#HARLOTTE.ORTH#AROLINA
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%CONOMIC!SSESSMENTOF0ROPOSED/PTIONS
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4OTAL0HASE)$EVELOPMENT
!LTHOUGHADDITIONALDEVELOPMENTMAYOCCURINTHE4HIRD7ARDOVERTIMEOURDIFFERENTECONOMICCOMPARISONSFOCUSPRIMARILY
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0HASEDEVELOPMENTSCENARIOSTHATFORMTHEBASISOFOURECONOMICCOMPARISONARESHOWNINTHEFOLLOWINGTHREECHARTS
#/5.49,!.$/04)/.
5SE
0OTENTIAL
4OTAL"UILDOUT
!NNUAL
!BSORPTIONDUE
TO0ARK
!BSORBEDIN
0HASE
3&
4HISABSORPTIONSCENARIOISBASEDONTHEFOLLOWINGASSUMPTIONS s 4HISPARKWILLNOTDIRECTLYINCENTANYOFlCEORRESIDENTIALDEVELOPMENT s 4HISPARKWILLINCENTMODERATERETAILINITSIMMEDIATEVICINITY s!PPROXIMATELYTWOPARKINGSTALLSWILLBECONSTRUCTEDFOREVERYSQUAREFEETOFRETAIL
#HARLOTTE.ORTH#AROLINA
42!$%342%%4/04)/.
5SE
0OTENTIAL
4OTAL"UILDOUT
!NNUAL
!BSORPTION
DUETO0ARK
!BSORBEDIN
0HASE
3&
4HISABSORPTIONSCENARIOISBASEDONTHEFOLLOWINGCONSERVATIVEASSUMPTIONS
• 4HISPARKWILLNOTDIRECTLYINCENTANYOFlCEDEVELOPMENT
• 4HISPARKWILLINCENTSOMERESIDENTIALDEVELOPMENTPROBABLYEXTENDINGDOWNFROMTHETH7ARD
7EESTIMATETHATTHE4RADE3TPARKWILLINCENTTHEDEVELOPMENTOFAPPROXIMATELYUNITSOF
HOUSINGPERYEAR4HISISAPPROXIMATELYOFTHEYEARAVERAGERESIDENTIALABSORPTIONFORALLOF
#ENTER#ITY^UNITSCONSTRUCTEDYEAR
• 4HERESIDENTIALGROWTHASSOCIATEDWITHTHEPARKWILLINCENTVERYMODERATERETAILDEVELOPMENT s !PPROXIMATELYONEPARKINGSTALLWILLBECONSTRUCTEDFOREVERYRESIDENTIALUNITANDTWOPARKINGSTALLS
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429/.342%%4/04)/.
5SE 0OTENTIAL
4OTAL"UILDOUT
!NNUAL
!BSORPTION
DUETO0ARK
!BSORBEDIN
0HASE
3&
4HISABSORPTIONSCENARIOISBASEDONTHEFOLLOWINGASSUMPTIONS s 4HISPARKWILLDIRECTLYINCENTOFlCEDEVELOPMENTMOVINGWESTFROM4RYON3TREETBEGINNINGWITHTHE
CONSTRUCTIONOFTHESIGNATUREBUILDING7EESTIMATETHATTHE4RYON3TREET0ARKWILLINCENTTHE
DEVELOPMENTOFAPPROXIMATELY3&OFOFlCEDEVELOPMENTPERYEAR4HISISAPPROXIMATELY
OFTHEYEARAVERAGEOFOFlCEABSORPTIONFORALLOF#ENTER#ITY^3&ABSORBEDYR
• 4HISPARKWILLINCENTSOMERESIDENTIALDEVELOPMENTPROBABLYEXTENDINGDOWNFROMTHETH7ARDAND
INCONJUNCTIONWITHMIXEDUSEDEVELOPMENTALONGTHEPARK 7EESTIMATETHATITWILLINCENTTHE
DEVELOPMENTOFAPPROXIMATELYUNITSOFHOUSINGPERYEAR4HISISAPPROXIMATELYOFTHE
YEARAVERAGERESIDENTIALABSORPTIONFORALLOF#ENTER#ITY^UNITSCONSTRUCTEDYEAR
• 4HEOFlCEANDRESIDENTIALGROWTHASSOCIATEDWITHTHEPARKWILLINCENTRETAILDEVELOPMENT
• !PPROXIMATELYONEPARKINGSTALLWILLBECONSTRUCTEDFOREVERYRESIDENTIALUNITTWOPARKINGSTALLSFOR
EVERYSQUAREFEETOFRETAILANDTHREEPARKINGSTALLSFOREVERYSQUAREFEETOFOFlCE
*OBTO2ESIDENT2ATIO
!SSTATEDPREVIOUSLYRESIDENTIALGROWTHIN#ENTER#ITYISCURRENTLYHIGHLYDEPENDENTONJOBGROWTH!LTHOUGH
THISMAYCHANGEOVERTIMESHORTTERMCHANGEISUNLIKELYGIVENTHEQUALITYOFTHENEIGHBORHOODTOTHESOUTH
OF#ENTER#ITY4ODAYTHERATIOOFJOBSTORESIDENTSINTHE#ENTER#ITYISAPPROXIMATELYEIGHTTOONEANDWE
BELIEVETHATTHISRATIOISUNLIKELYTODROPTOLESSTHANSIXORSEVENTOONEINTHENEARFUTURE"ASEDONTHE
EXISTINGLINKIN#ENTER#ITYBETWEEN5PTOWNEMPLOYMENTAND5PTOWNRESIDENCEWEBELIEVETHATAPARK
THATINCENTSOFlCEGROWTHWILLINCENTRESIDENTIALGROWTHANDPROVIDETHEGREATESTECONOMICDEVELOPMENT
IMPACTFORTHE#ITY4HE4RYON3TREET0ARKOPTIONISTHEONLYPARKTHATWEBELIEVEWILLDIRECTLYINCENTANYOFlCE
DEVELOPMENT
)NORDERTOTESTTHEFEASIBILITYOFTHEFULLBUILDOUTPROJECTEDTOOCCURASARESULTOFEACHPARKWITHOUT
SUBSTANTIALOTHERPUBLICINVESTMENTWEASSESSEDTHEPROJECTEDRATIOOFJOBSTORESIDENTSFORTHEFULLBUILDOUT
ASSOCIATEDWITHEACHPARKOPTION!GAINBASEDONOUREXISTINGMARKETANALYSISWEBELIEVETHATBUILDOUT
SCENARIOSRESULTINGINRATIOSMUCHLOWERTHANJOBSTORESIDENTSWILLREQUIREEITHERSIGNIlCANTADDITIONAL
INCENTIVESORASUBSTANTIALAMOUNTOFTIMETOBUILDOUT4HE4RYON3TREETOPTIONISTHEONLYPARKTHATWOULD
SPURADEVELOPMENTBUILDOUTRESULTINGINAPLAUSIBLERATIO0LEASESEECHARTBELOW
*OB2ESIDENT2ATIOFOR&ULL0ROJECTED"UILD/UT
*OBS2ESIDENTS2ATIO
#OUNTY,AND/PTION
4RADE3TREET/PTION
4RYON3TREET/PTION
*OBS 2ESIDENTS 2ATIO
0UBLIC0RIVATE)NVESTMENT
/NEWAYTOGAUGETHEVALUEOFDIFFERENTECONOMICDEVELOPMENTOPTIONSFORMUNICIPALITIESISBYTHELEVEL
OFPRIVATEINVESTMENTTHATISLIKELYTORESULTFROMPUBLICINVESTMENT4HE#ITYAND#OUNTYTHEPUBLIC ARE
COMMITTEDTOMAKEASIGNIlCANTINVESTMENTINTHE4HIRD7ARD0ARKANDTHEYSHOULDEXPECTARETURNONTHIS
INVESTMENT4HECHARTSBELOWSHOWTHETOTALPUBLICINVESTMENTASSUMEDTOBENECESSARYFOREACHPARKOPTION
ANDTHEPRIVATECONSTRUCTIONINVESTMENTTHATISLIKELYTODIRECTLYRESULTFROMTHISINVESTMENT
#HARLOTTE.ORTH#AROLINA
#OUNTY,AND/PTION
4RADE3TREET/PTION
4RYON3TREET/PTION
"REAKDOWNOF)NVESTMENT#OSTSAT"UILDOUT
EXISTING
COUNTY LAND
Costs
Improvement
Electrical
Infrastructure
Utility
Infrastructure
Park
Total Public
Cost
$500,000
Source of Funds
County
$0
City/ Other
(State, Private)
$500,000
$24,000,000
$0
$24,000,000
$0
Latta Arcade St.
Stonewall St.
2nd St.
Mint St.
Poplar St.
Amenities
Stonewall St.
2nd St.
Mint St.
Poplar St.
Total
$795,000
$5,300,000
$8,600,000
$440,000
$0
$0
$0
$0
$795,000
$5,300,000
$8,600,000
$440,000
$375,000 $0
$0
$375,000
$0
$900,000
$1,500,000
$1,500,000
$0
$0
$0
$900,000
$1,500,000
$1,500,000
$1,500,000 $0 $1,500,000
$45,410,000 $24,000,000 $21,410,000
#HARLOTTE.ORTH#AROLINA
TRADE STREET
Costs
Improvement Total Public
Cost
Source of Funds
County City/ Other
(State, Private)
Electrical
Infrastructure
Utility
Infrastructure
Park
Transportation
Poplar St.
Amenities
Stonewall St.
2nd St.
Mint St.
Poplar St.
Total
Stonewall St.
2nd St.
Mint St.
TRYON STREET
Costs
Improvement
Electrical
Infrastructure
Utility
Infrastructure
Park
$1,700,000
$15,000,000
$5,300,000
$8,600,000
$440,000
$445,000
$900,000
$1,500,000
$1,500,000
$1,500,000
$36,885,000
Total Public
Cost
$500,000
$18,000,000
Transportation
Stonewall St.
2nd St.
Mint St.
Poplar St.
Amenities
Stonewall St.
2nd St.
Mint St.
Poplar St.
Total
$5,300,000
$8,600,000
$440,000
$375,000
$900,000
$1,500,000
$1,500,000
$1,500,000
$38,615,000
$0
$0
$15,000,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$15,000,000
Source of
Funds
County
$0
City/Other
(State, Private)
$500,000
$0
$18,000,000
$0
$0
$0
$0
$0
$0
$0
$0
$5,300,000
$8,600,000
$440,000
$375,000
$0
$0
$0
$0
$900,000
$1,500,000
$0
$0
$1,500,000
$1,500,000
$18,000,000 $20,615,000
$1,700,000
$0
$0
$0
$5,300,000
$8,600,000
$440,000
$445,000
$0
$900,000
$1,500,000
$1,500,000
$1,500,000
$21,885,000
4AX2EVENUE0ROJECTIONS
4HElNALMETHODFORCOMPARINGTHEECONOMICSOFTHETHREEPARKOPTIONSISANASSESSMENTOFTHEPROJECTED
TAXREVENUEPRODUCEDBYTHEDEVELOPMENTRESULTINGFROMPARKCONSTRUCTION!SUMMARYOFTHISANALYSISCAN
BEFOUNDINTHECHARTBELOW!MOREDETAILEDANALYSISANDTHEASSUMPTIONSUNDERLYINGITCANBEFOUNDINTHE
APPENDIXTOTHISREPORT
-UNICIPALL
-UNICIPAL
-UNICIPAL
3PECIlC2ECOMMENDATIONS
4HEREARETHREEPROJECTSIN4HIRD7ARDTHATCOULDAFFECTTHEFUTUREOFTHEDEVELOPMENTSURROUNDINGTHEM
*ONAS&EDERAL#OURTHOUSE-ULTIMODAL3TATIONANDTHE*OHNSONAND7ALES5NIVERSITY4HEFOLLOWING
RECOMMENDATIONSSHOULDBECONSIDEREDASTHESEPROJECTSMOVEFORWARD
*ONAS&EDERAL#OURTHOUSE
!LTHOUGHTHEFUTUREUSEOFTHE*ONAS&EDERAL#OURTHOUSEISUNKNOWNASONEOFTHELASTREMAININGHISTORICAL
ASSETSINTHE4HIRD7ARDTHEBUILDINGANDITSSITESHISTORICINTEGRITYMUSTBEMAINTAINED&OLLOWINGARESOME
GUIDELINESTHATSUGGESTWAYSTOENSURESUCCESSFULREDEVELOPMENTOFTHE#OURTHOUSEWHILEPRESERVINGITS
HISTORICINTEGRITY
• RETENTIONOFTHEEXISTINGFA ADEANDPARAPET
• REINFORCEMENTOFTHESITESHISTORICLANDSCAPEUSEASA
GREENPUBLICSQUARE
• ADAPTIVELYREUSETHECOURTHOUSETHERECOMMENDED
NEWUSESSHOULDREINFORCETHECIVICCHARACTEROFTHESITE
ANDTHEBUILDINGWITHPREFERENCEGIVENTOSCHEMESTHAT
EMPHASIZECIVICCULTURALANDEDUCATIONALUSES
• EMPHASIZETHESOUTHSIDEFA ADEASAQUALITYFRONTAGE
FOR&OURTH3TREETWITHADDITIONALPOINTSOFENTRYINTOTHE
BUILDING
• CONTINUEDEMPHASISSHOULDBEPLACEDONTHE4RADE3TREET
ENTRANCEASTHEPRIMARYPOINTOFENTRYTHATCAPITALIZES
ONTHEFUTUREPEDESTRIANMOVEMENTSASSOCIATEDWITH
*ONAS&EDERAL#OURTHOUSE
4RADE3TREETBECOMINGATRANSITCORRIDOR
• FUTUREREUSESHOULDATTEMPTTOMITIGATEBETWEENPARKINGANDACCESSNEEDSANDTHEIRIMPACTON
BUILDINGFRONTAGESEFFECTIVENESSON4RADEAND&OURTH3TREETSANDTHEHISTORICUSEOFTHEBUILDINGS
OPENSPACEASAPUBLICGREENSQUARE
• THEPEDESTRIANCHARACTEROFALLADJACENTSTREETSSHOULDRECONNECTTHEPUBLICGREENSQUARETOTHE
CIRCULATIONSYSTEMTHROUGHNEWPATHWAYSANDTHEREMOVALOFTHEEXISTING*ERSEY"ARRICADES
• STREETSECTIONSANDSTREETSCAPEDESIGNSHOULDBEINACCORDANCEWITHTHESPECIlCSTREETSCAPE
RECOMMENDATIONSLOCATEDINSECTION6OFTHISDOCUMENT
• !LLNEWDEVELOPMENTMUSTENSURETHATITEXCEEDSTHEMINIMUMDESIGNCRITERIAASOUTLINEDINTHE
5PTOWN-IXED5SE$ISTRICT3TANDARDS5-5$
-ULTIMODAL3TATIONAND4RACKS
!SAFUTUREAMENITYTO#HARLOTTES#ENTER#ITYANDINPARTICULARTHE4HIRD7ARDTHEPLANNED-ULTIMODAL
STATIONWILLGENERATEHIGHVOLUMESOFACTIVITYANDCREATEANICONICPIECEOFARCHITECTURETHATSYMBOLIZES
THECITIESGROWTHANDPROSPERITY4HEKEYTOTHESUCCESSOFBOTHTHEMULTIMODALFACILITYANDTHEPROPOSED
REDEVELOPMENTOFTHE4HIRD7ARDWILLBETOINTEGRATETHESTATIONWITHTHEPROPOSEDDEVELOPMENTTOCREATEA
COHESIVEURBANFRAMEWORK
3ITE0LANNING
• THESTATIONSHOULDBECONTAINEDONTHELEASTAMOUNTOFDEVELOPABLELANDWITHTHECLEARESTANDMOST
CONCISECIRCULATIONUSEPATTERNASPOSSIBLEIFPOSSIBLETHESTATIONSHOULDBECONTAINEDWITHINTWOCITY
BLOCKSOPENINGUPANADDITIONALBLOCKFORPRIVATEDEVELOPMENTWITHIMPORTANTBUILDINGFRONTAGE
ALONG'RAHAM3T
• 4RADE3TREETFACADESANDENTRYWAYSSHOULDDIRECTPEDESTRIANMOVEMENTSONTOTHE4RADE3T4RANSIT
#ORRIDORACTIVATINGTHESTREET
• ALLNONESSENTIALUSESSUCHASTRAINSTORAGEANDBUSMAINTENANCECLEANINGFACILITIESSHOULDBELOCATED
OFFSITEINOUTLYINGAREASWITHSPARSERLANDUSESANDLOWERPROPERTYVALUESFREEINGUPLANDFORPRIVATE
DEVELOPMENT
#HARLOTTE.ORTH#AROLINA
• TRANSITUSESSHOULDBE
CONCENTRATEDALONGTHERAILROAD
TRACKSEMBEDDEDANDSCREENED
FROMTHEADJACENTDEVELOPMENT
PARCELSBEHINDBUILDINGFACADES
ANDBUILDINGMASS
• "YEMBEDDINGTRANSITUSESSTREET
FRONTAGESANDBUILDINGEDGEUSES
CANBEPROPOSEDTHATWILLACTIVATE
THESTREETWHILEPROVIDING
ARCHITECTURALDElNITIONTOTHE
STREETANDSTREETSCAPE
• /PPORTUNITIESTOLOCATESOME
TRANSITUSESUNDERGROUNDSHOULD
BESTUDIEDTOMINIMIZETHETOTAL
DEVELOPABLELANDOCCUPIEDBY
THESETRANSPORTATIONUSES
• !NYPARKINGREQUIREMENTS
SHOULDBEINTEGRATEDINTOTHE
PARKINGTHATHASBEENPLANNED
FORTHESURROUNDING4HIRD7ARD
$EVELOPMENT
• !LLNEWDEVELOPMENTMUST
ENSURETHATITEXCEEDSTHE -ULTIMODAL3TATIONANDTRACKS
MINIMUMDESIGNCRITERIAAS
OUTLINEDINTHE5PTOWN-IXED5SE$ISTRICT3TANDARDS5-5$
!RCHITECTURE
• THE-ULTIMODALARCHITECTURESHOULDBEOFACHARACTERANDSTYLETHATDISTINGUISHESITASTHEPRIMARY
TRANSPORTATIONHUBFOR#ENTER#ITY#HARLOTTE
• THEMULTIMODALSTATIONSHOULDBEANARCHITECTURALICONTHATSYMBOLIZESTHECITIESGROWTHAND
PROSPERITY
• BUILDINGMATERIALSSHOULDBELONGLASTINGOFHIGHQUALITYANDREQUIRELITTLEMAINTENANCEREFERTO
"UILDINGMATERIALSECTIONOFTHEDESIGNGUIDELINESASSHOWNINSECTION6)))OFTHISREPORT
• BUILDINGMASSINGANDFRONTAGESSHOULDBEORIENTEDTOWARDS'RAHAM&IFTH&OURTHAND4RADE3TREETS
4RAFlC#IRCULATION
0EDESTRIAN
• CROSSWALKIMPROVEMENTSSHOULDBECOMPLETEDFORTHE4RADE'RAHAMAND&OURTH'RAHAM
INTERSECTIONSTOIMPROVECIRCULATIONANDCONNECTIVITYREFERTOSPECIlCINTERSECTIONIMPROVEMENTS
LOCATEDINSECTION6OFTHISDOCUMENT
• MAJORENTRYWAYSSHOULDBELOCATEDALONGTHE4RADE3TREET4RANSIT#ORRIDORWITHSECONDARYENTRANCES
LOCATEDATALLCORNERINTERSECTIONSSPECIALATTENTIONSHOULDBEGIVENTOTHEENTRYLOCATEDATTHE
INTERSECTIONOF&OURTHAND'RAHAMTOPROMOTECIRCULATIONPATTERNSTHROUGH.EW7EST0ARK
• PROMOTECONNECTIONSANDCIRCULATIONTHROUGH.EW7EST0ARKANDALONGTHE4RADE3TREET4RANSIT
#ORRIDORBYPROVIDINGACTIVEPEDESTRIANFRIENDLYENVIRONMENTSTHATENTICEWAITINGPATRONSANDTRANSIT
USERSOUTINTOTHESURROUNDINGAREAS
• STREETSCAPEDESIGNANDBUILDINGSETBACKSSHOULDPROMOTETHECREATIONOFAPEDESTRIANFRIENDLY
ENVIRONMENTANDBEINACCORDANCEWITHTHESPECIlCSTREETSCAPERECOMMENDATIONSLOCATEDIN h3TREETSvSECTIONOFTHISDOCUMENT
6EHICULAR
• TAXIANDPASSENGERDROPOFFPICKUPAREASSHOULDBECONSOLIDATEDTOCREATEACLEARANDCONCISE
CIRCULATIONPATTERNFORALLNONBUSMODESOFTRANSPORTATION
• #ITYBUSESAND'REYHOUNDWHEREPOSSIBLESHOULDCOMBINECIRCULATIONROUTESWHILEMAINTAINING
SEPARATELOADINGDOCKINGAREASTOACCOMMODATETHEIRDIFFERINGUSECYCLES
• #ITYBUSANDRAPIDTRANSITUSESHOULDBECONTAINEDWITHINABLOCKADJACENTTOTHE4RADE3TREET4RANSIT
#ORRIDORTOENSUREEFlCIENCYOFMOVEMENTANDWAYlNDING
• STREETSECTIONSSTREETSCAPEDESIGNANDBUILDINGSETBACKSSHOULDBEINACCORDANCEWITHTHESPECIlC
STREETSCAPERECOMMENDATIONSLOCATEDINSECTION6OFTHISDOCUMENT
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• BRIDGESSHOULDCREATEGATEWAYSTHROUGHTHEUSEOFAUTHENTICARCHITECTURALSTRUCTURALANDSCULPTURAL
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• LANDSCAPEDTERRACESSHOULDBEUSEDTOSOFTENTHEHARDCONCRETEBRIDGESTRUCTURESANDCREATEAN
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• PUBLICARTSHOULDBEUSEDINLOCATIONSTOPROMOTECIRCULATIONANDPUBLICINVOLVEMENT
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• WILLPROVIDEACRITICALMASSOFPEOPLETHATWILLHELPACTIVATETHESTREET
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• BUILDINGFACADESANDMASSINGON4RADE3TREETSHOULDBEOFASCALEANDARTICULATIONTHATREmECTSTHE
STREETSFUTUREUSEAS#HARLOTTESTRANSITCORRIDOR
• BUILDINGMATERIALSSHOULDBELONGLASTINGOFHIGHQUALITYANDREQUIRELITTLEMAINTENANCEREFERTO
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RECOMMENDATIONSLOCATEDIN
SECTION6OFTHISDOCUMENT
• OPPORTUNITIESSHOULDBE
SOUGHTTOINTEGRATESTUDENT
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ANDOTHERRESIDENTIAL
BUILDINGSPROPOSEDFORTHE
REDEVELOPED4HIRD7ARD
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PEDESTRIAN TO VEHICLES BY DECREASING CROSSING DISTANCES AND MULTIPLE CONmICT POINTS 4HIS CAN BE DONE BY
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Summary Chart of Projected Tax Revenue at Phase I Completion
Revenue for Development Directly Related to Park
Existing County Land
Ratio Private: Public Investment
Est. Gov't Investment
Est. Private Investment Phase I
Ratio Private: Public
$ 45,410,000
$ 15,400,000
$ 0.34
: $1
TOTAL PROJECTED ANNUAL TAX REVENUE
Sales Tax
Retail Property Tax
Office Property Tax
Residential Property Tax
Parking Property Tax
Total
County
$ 500,000
$ 95,732
$ -
$ -
$ 17,674
$ 613,406
City
$ 100,000
$ 60,710
$ -
$ -
$ 11,208
$ 171,918
Municipal
District
$ -
$ 4,329
$ -
$ -
$ 799
$ 5,128
Total
$ 600,000
$ 160,771
$ -
$ -
$ 29,681
$ 790,452
Trade Street
Ratio Private: Public Investment
Est. Gov't Investment
Est. Private Investment Phase I
Ratio Private: Public
$ 36,885,000
$ 133,285,000
$ 3.61
$ -
$ -
: $1
TOTAL PROJECTED ANNUAL TAX REVENUE
Sales Tax
Retail Property Tax
Office Property Tax
Residential Property Tax
Parking Property Tax
Total
County
$ 200,000
$ 38,293
$ -
$ 869,873
$ 73,345
$ 1,181,511
City
$ 40,000
$ 24,284
$ -
$ 551,644
$ 46,513
$ 662,441
Municipal
District
$ -
$ 1,732
$ -
$ 39,336
$ 3,317
$ 44,384
Total
$ 240,000
$ 64,308
$ -
$ 1,460,852
$ 123,175
$ 1,888,336
Tryon Street
Ratio Private: Public Investment
Est. Gov't Investment
Est. Private Investment Phase I
Ratio Private: Public
$ 38,615,000
$ 287,950,000
$ 7.46
: $1
TOTAL PROJECTED ANNUAL TAX REVENUE
Sales Tax
Retail Property Tax
Office Property Tax
Residential Property Tax
Parking Property Tax
Total
County
$ 750,000
$ 143,598
$ 1,399,160
$ 347,949
$ 229,757
$ 2,870,464
City
$ 150,000
$ 91,065
$ 887,300
$ 220,658
$ 145,704
$ 1,494,727
Municipal
District
$ -
$ 6,494
$ 63,270
$ 15,734
$ 10,390
$ 95,887
Total
$ 900,000
$ 241,157
$ 2,349,730
$ 584,341
$ 385,850
$ 4,461,078
84
Job: Resident Ratio for Full Projected Build-Out
Jobs: Residents Ratio
County Land Option
Trade Street Option
Tryon Street Option
Jobs
8,650
6,500
12,000
Residents
2,738
4,000
2,133
Ratio
3
2
6
85
Charlotte Tax Rates and Assumptions
Sales Tax Rates
Total State Sales Tax
County Portion
City Portion (Transit Tax)
4.50%
2.50%
0.50%
Sales Tax Notes/Assumptions
1. The State of North Carolina collects all sales tax and redistributes a portion to counties.
2. In this model, we assume that average annual retail sales per square foot will be $200.
3. The revenue projections in this model assume no tax-related incentives for retail.
Property Tax Rates
County Property Tax Rate (per $100 value)
City Property Tax Rate
City/County Combined
Municipal District Tax
Total
0.7364%
0.4670%
1.2034%
0.0333%
1.2367%
Property Tax Notes/Assumptions
1. In Charlotte, all properties are assessed at 100% of market value and reassessed every 4 years.
2. In Charlotte, residential assessments are based on comparable sales and market data and commercial assessments are based on income.
3. In this model, we use total development/construction cost as a proxy for assessed value for all properties. We believe this gives us a conservative estimate of potential assessed values.
4. The revenue projections in this model assume no tax-related incentives for residential or commercial development.
86
Existing County Land
Completion of Phase I: Private Development Directly Linked to Park
Office (SF)
Residential
Retail (SF)
Parking
Use
Total
Total w/out Parking
Units
Total SF
Stall
Total SF
% Total
Buildout
Annual
Absorption due to Park
0%
0%
50%
3%
SF
-
-
10,000
900 SF per
SF
20 300 SF per
6,000
Absorbed in
Phase 1- Years: Construction Cost
10
$ 190
Potential
Investment at
Phase I
Completion
$ -
-
-
100,000
$ 157,500
$ 175
$ 130
$ -
$ 13,000,000
200
60,000
160,000
100,000
$ 40 $ 2,400,000
15,400,000
13,000,000
Est. Gov't Investment
Est. Private Investment Phase I
Ratio Private: Public
$ 45,410,000
$ 15,400,000
$ 0.34
: $1
Absorbtion Assumptions
1. This park will not directly incent any office or residential development.
2. This park will incent moderate retail in its immediate vicinity.
3. Approximately two parking stalls will be constructed for every 1,000 feet of retail.
87
Tax Revenue Projections
Existing County Land
Sales Tax: Retail
County
Rate 2.50%
Estimated Annual Sales/SF
Sales Tax per SF
$ 200
$ 5.00
Total Retail SF Phase I
Annual Sales Tax Revenue
100,000
$ 500,000
City (Transit)
0.50%
$
$
1.00
100,000
Municipal
District
0.00%
$ -
$ -
Total
3.00%
$ 6.00
$ 600,000
Property Tax: Retail
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Retail SF Phase I
Annual Property Tax Revenue
County
0.736%
City
0.467%
Municipal
District
0.033%
Total
1.237%
$ 130
100,000
$ 0.96
$ 0.61
$ 1.61
$ 95,732 $ 60,710 $ 4,329 $ 160,771
Property Tax: Office
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Office SF Phase I
Annual Property Tax Revenue
$ 190
$ 1.40
$ 0.89
-
County
0.736%
City
0.467%
$ -
Municipal
District
0.033%
$ -
Total
1.237%
$ 2.35
$ -
Property Tax: Residential
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Residential SF Phase I
Annual Property Tax Revenue
County
0.736%
$ 175
$ 1.29
$ 0.82
-
$ -
City
0.467%
Municipal
District
0.033%
$ -
Total
1.237%
$ 2.16
$ -
Property Tax: Parking
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Parking SF Phase I
Annual Property Tax Revenue
$ 40
$ 0.29
$ 0.19
60,000
County
0.736%
City
0.467%
$ 17,674 $ 11,208
Municipal
District
0.033%
Total
1.237%
$ 0.49
TOTAL TAX REVENUE
Sales Tax
Retail Property Tax
Office Property Tax
Residential Property Tax
Parking Property Tax
Total
County
$ 500,000
$ 95,732
$ -
$ -
$ 17,674
$ 613,406
City
$ 100,000
$ 60,710
$ -
$ -
$ 11,208
$ 171,918
Municipal
District
$ -
$ 4,329
$ -
$ -
$ 5,128
Total
$ 600,000
$ 160,771
$ -
$ -
$ 790,452
88
Trade Street
Completion of Phase I: Private Development Directly Linked to Park
Office (SF)
Residential
Retail (SF)
Parking
Use
Units
Total SF
% Total
Buildout
Annual
Absorption due to Park
0% SF
30%
23%
75 900 SF per
67,500
4,000 SF
Absorbed in Phase
1- Years: Construction Cost
10
$ 190
Potential
Investment at
Phase I
Completion
$ -
750
675,000
40,000
$ 157,500
$ 175
$ 130
$ 118,125,000
$ 5,200,000
Total
Total w/out Parking
Stall
Total SF
11% 83 300 SF per
24,900
830
249,000
964,000
715,000
$ 12,000
$ 40 $ 9,960,000
133,285,000
123,325,000
Est. Gov't Investment
Est. Private Investment Phase I
Ratio Private: Public
$ 36,885,000
$ 133,285,000
$ 3.61
: $1
Absorbtion Assumptions
1. This park will not directly incent any office development.
2. This park will incent some residential development (probably extending down from the 4th Ward). We estimate that the Trade St. park will incent the development of approximately 75 units of housing per year. This is approximately 25% of the 10 year average residential absorption for all of
Center City (~300 units constructed/year).
3. The residential growth associated with the park will incent very moderate retail development.
4. Approximately one parking stall will be constructed for every residential unit. Approximately two parking stalls will be constructed for every 1,000 square feet of retail.
89
Tax Revenue Projections
Trade Street
Sales Tax: Retail
County
Rate 2.50%
Estimated Annual Sales/SF $ 200
Sales Tax per SF
Total Retail SF Phase I 40,000
$ 5.00
Annual Sales Tax Revenue $ 200,000
City (Transit)
0.50%
$ 1.00
$ 40,000
Municipal
0.00%
$ -
$ -
Total
3.00%
$ 6.00
$ 240,000
Property Tax: Retail
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Retail SF Phase I
Annual Property Tax Revenue
County
0.736%
City
0.467%
Municipal District Total
0.033% 1.237%
$ 130
40,000
$ 0.96
$ 0.61
$ 0.04
$ 1.61
$ 38,293 $ 24,284 $ 1,732 $ 64,308
Property Tax: Office
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Office SF Phase I
Annual Property Tax Revenue
1.237%
$ 190
$ 1.40
$ 0.89
$ 0.06
$ 2.35
-
County
0.736%
City
0.467%
Municipal District Total
0.033%
$ $ $ $ -
Property Tax: Residential
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Residential SF Phase I
Annual Property Tax Revenue
County
0.736%
City
0.467%
Municipal District Total
0.033% 1.237%
$ 175
675,000
$ 1.29
$ 0.82
$ 0.06
$ 2.16
$ 869,873 $ 551,644 $ 39,336 $ 1,460,852
Property Tax: Parking
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Parking SF Phase I
Annual Property Tax Revenue
County
0.736%
City
0.467%
Municipal District Total
0.033% 1.237%
$ 40
249,000
$ 0.29
$ 0.19
$ 0.01
$ 0.49
$ 73,345 $ 46,513 $ 3,317 $ 123,175
TOTAL TAX REVENUE
Sales Tax
Retail Property Tax
Office Property Tax
Residential Property Tax
Parking Property Tax
Total
County
$ 200,000
$ 38,293
$ -
$ 869,873
$ 73,345
$ 1,181,511
City
$ 40,000
$ 24,284
$ -
$ 551,644
$ 46,513
$ 662,441
Municipal District Total
$ -
$ 1,732
$ -
$ 39,336
$ 3,317
$ 44,384
$
$
$
$
240,000
$ 64,308
$ -
1,460,852
123,175
1,888,336
90
Tryon Street
Completion of Phase I: Private Development Directly Linked to Park
Office (SF)
Residential
Use
% Total
Buildout
Annual
Absorption due to Park
42% 100,000 SF
Absorbed in Phase
1- Years: Construction Cost
10
1,000,000 $ 190
Potential
Investment at
Phase I
Completion
$ 190,000,000
Retail (SF)
Parking
Total
Total w/out Parking
Units
Total SF
Stall
Total SF
23%
60%
35%
30 900 SF per
27,000
15,000 SF
260
78,000
300 SF per
300
270,000
150,000
$ 157,500
$ 175
$ 130
$ 47,250,000
$ 19,500,000
2,600
780,000
2,200,000
1,420,000
$ 12,000
$ 40 $ 31,200,000
287,950,000
256,750,000
Est. Gov't Investment
Est. Private Investment Phase I
Ratio Private: Public
$ 38,615,000
$ 287,950,000
$ 7.46
: $1
Absorbtion Assumptions
1. This park will directly incent office development moving west from Tryon St., beginning with the construction of the signature building. We estimate that the Tryon St. Park will incent the development of approximately 100,000 SF of office development per year. This is approximately 20% of the 10 year average of office absorption for all of Center City (~500,000 SF absorbed/yr).
2. This park will incent some residential development (probably extending down from the 4th Ward and in conjunction with mixed use development along the park). We estimate that it will incent the development of approximately 30 units of housing per year. This is approximately 10% of the 10 year average residential absorption for all of Center City (~300 units constructed/year).
3. The office and residential growth associated with the park will incent retail development.
4. Approximately one parking stall will be constructed for every residential unit. Approximately two parking stalls will be constructed for every
1,000 feet of retail. Approximately three parking stalls will be constructed for every 1,000 feet of office.
91
Tax Revenue Projections
Tryon Street
Sales Tax: Retail
County
Rate 2.50%
Estimated Annual Sales/SF $ 200
Sales Tax per SF
Total Retail SF Phase I 150,000
$ 5.00
Annual Sales Tax Revenue $ 750,000
City (Transit) Municipal District
0.50% 0.00%
$
$
1.00
150,000
$
$ -
-
Total
3.00%
$ 6.00
$ 900,000
Property Tax: Retail
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Retail SF Phase I
Annual Property Tax Revenue
1.237%
$ 130
$ 0.96
$ 0.61
$ 0.04
$ 1.61
150,000
County
0.736%
City
0.467%
Municipal District Total
0.033%
$ 143,598 $ 91,065 $ 6,494 $ 241,157
Property Tax: Office
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Office SF Phase I
Annual Property Tax Revenue
1.237%
$ 190
$ 1.40
$ 0.89
$ 0.06
$ 2.35
1,000,000
County
0.736%
City
0.467%
Municipal District Total
0.033%
$ 1,399,160 $ 887,300 $ 63,270 $ 2,349,730
Property Tax: Residential
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Residential SF Phase I
Annual Property Tax Revenue
1.237%
$ 175
$ 1.29
$ 0.82
$ 0.06
$ 2.16
270,000
County
0.736%
City
0.467%
Municipal District Total
0.033%
$ 347,949 $ 220,658 $ 15,734 $ 584,341
Property Tax: Parking
Rate
Estimated Assessed Value/SF
Annual Property Tax per SF
Total Parking SF Phase I
Annual Property Tax Revenue
1.237%
$ 40
$ 0.29
$ 0.19
$ 0.01
$ 0.49
780,000
County
0.736%
City
0.467%
Municipal District Total
0.033%
$ 229,757 $ 145,704 $ 10,390 $ 385,850
TOTAL TAX REVENUE
Sales Tax
Retail Property Tax
Office Property Tax
Residential Property Tax
Parking Property Tax
Total
County
$ 750,000
$ 143,598
$ 1,399,160
$ 347,949
$ 229,757
$ 2,870,464
City
$ 150,000
$ 91,065
$ 887,300
$ 220,658
$ 145,704
$ 1,494,727
Municipal District Total
$ -
$ 6,494
$ 63,270
$ 15,734
$ 10,390
$ 95,887
$
$
$
$
$
$
900,000
241,157
2,349,730
584,341
385,850
4,461,078
92
