Town of Chapel Hill North Carolina Executive Summary
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NORTH CAROLINA


EXECUTIVE SUMMARY

Meeting Date: 11/12/2012
AGENDA #3


Title of Agenda Item: Public Hearing: Application for Zoning Atlas Amendment - 123 West Franklin Street (PIN 9788-26-8572.001, Project #11-0225).  

Council Goal: Champion Downtown

Background: A public hearing has been scheduled tonight for the Council to consider a request to rezone a 6.8-acre site at 123 West Franklin Street from Town Center-2 (TC-2) to Town Center-3-Conditional (TC-3-C). Accompanying the rezoning request is a Special Use Permit/North for University Square at 123 West Franklin Street and a Special Use Permit Modification/South for Granville Towers at 125 West Franklin Street. The Special Use Permit/North proposes the principal redevelopment including 3 buildings with 580,000 s.f. of mixed-use floor area, 300 dwelling units and 1,023 vehicular parking spaces. The Special Use Permit Modification/South proposes a new access point on Cameron Avenue. No changes are proposed to Granville Towers.

Fiscal Note: Based on information in the applicant's Statement of Justification, the proposed development is expected to provide additional tax base. Taking the additional Town services that the proposed development would require into consideration, we think that there would be a net positive fiscal impact from the proposed mix of higher-density retail, office, and residential uses, related to increased economic activity and property tax revenues.

Recommendations: That the Council open the public hearing to receive public comment and the applicant's materials associated with the rezoning request.


ATTACHMENTS:
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Manager's Cover Memorandum
Staff Memorandum
Rezoning Comprehensive Plan Consistency Resolution
Ordinance Approving Rezoning
Resolution Denying Rezoning
Planning Board Summary of Action
Combined Applicant's Materials
Area Map