The Real Estate Report
Local Government News Impacting the Real Estate Industry
State Legislative Breakfast
Glen Lennox Project on Hold
Noodles and Co. to Occupy Old Wicked Burrito Site
3CUPS Closes, Plans Move to Village Plaza
Chatham Hires New School Superintendant
County Passes 4.8 Cent Property Tax Increase
OWASA Passes Rate Increase
Carolina North Fiscal Impact Study Released
Economic Development Work Plan Progressing
Orange County Comprehensive Plan Update
Orange Education Leaders Welcomed
Yuhasz Wins County Commissioner Seat
Chatham Commissioners Vote to Extend Development Moratorium
In a June 2 meeting, Chatham County Commissioners voted to extend a year long development moratorium another six months. The ban is on developments with 26 or more residential lots, not commercial real estate, and does not apply to the county’s two incorporated municipalities Pittsboro and Siler City. In statements made by commissioner chair George Lucier, the moratorium was meant to revisit county rules governing growth and that county staff have found that those revisions are more complicated than originally thought. For the full story, click here.
Chatham Passes 3.6 Cent Property Tax Increase
In June, Chatham County Commissioners passed a 3.6 cent property tax increase bringing the County tax rate to 65.3 cents per $100 valuation. Originally, the county manager proposed a 5.5 cent increase. The increase means the owner of a $200,000 house will pay $72 more per year. Chatham’s approved budget included cutting funding to a new Community Development Department by $186,207. Chatham leaders also reached an agreement with Durham to buy water from that county, saving Chatham $722,266, money that has been transferred to a water capital reserve. For the full story, click here.
UNC Health Care to Buy Chatham Hospital
UNC Health Care announced Wednesday that it will be buying Chatham Hospital in Siler City for $11.3 million. The 11.3 million dollar figure includes a transfer of $2 million to Chatham Hospital and $9.3 million to develop health care services in Chatham County.
UNC Health and Chatham Hospital have a “great working relationship,” according to Laura Clapp, chair of Chatham Hospital’s board of trustees; UNC Health has managed Chatham Hospital since 2006. For the full story, click here.
New Chatham GIS Website Unveiled
Durham Can Put Meals Tax on November Ballot
A bill will give Durham County voters the chance to vote on a proposed one percent tax on prepared food and drinks passed the state House by a narrow vote of 60-59 and then the Senate by 22-19 on Thursday. The bill authorizes a referendum during the November 4 General Election. Eighty percent of the tax’s proceeds would fund the renovation of many of Durham’s attractions: the Carolina Theater, the Durham Civic Center, and the Museum of Life and Science. The remaining 20 percent would fund marketing, workforce training, and community cleanup. For the full story, click here.
Interactive Graphic for Wake County Taxes
This year’s property re-evaluation process combined with property tax rate adjustments for Wake County and its respective towns makes it difficult to know what a Wake resident’s property tax bill will be at the end of the year. The News and Observer now has an interactive graphic that makes those calculations simple. “The New Tax Rate and You” not only includes a 2008 Property Tax Calculator, but also graphically illustrates how the new tax rates affect properties of different values in Wake County towns and cities. To view the website, click here.
Green Building Council to Modify LEED Standards
The U.S. Green Building Council is changing its Leadership in Energy and Environmental Design (LEED) program, the certification process for green buildings. A 30 day online public comment period ended last month. New changes will be rolled out as LEED 2009 in January.
Amtrak to add Third Charlotte-Raleigh Train