The Real Estate Report (July 2010)

Volume 5, Issue 7

July, 2010

The Real Estate Report Local Government News Impacting the Real Estate Industry

New Development Chapel Hill Approves Housing Guidelines The Chapel Hill Town Council adopted an Inclusionary Zoning Ordinance to guide developers to include low- and moderate-income housing, priced at 65-80% of the area’s median income.  See the full article by 1360 WCHL. Rams Plaza Area Planning Meeting Set The Ephesus Church/Fordham Small Area Planning Initiative will meet for the first time on July 22 at the Chapel Hill Library.  The group will consider the traffic conditions, possible land uses, and development strategies.  See the full article by The Herald-Sun. Public Meeting for Franklin Street High Rise 140 West, an eight-story development planned for the town’s Lot 5 on Franklin Street, will hold a public meeting to share information with residents.  The project will provide 140 residences, a two-story parking lot, and 26,000 square feet of retail space on the ground level.  For more details on the meeting, see the full article by The Chapel Hill News. Chapel Hill Begins Housing Study As part of the 2008 economic development strategy, Chapel Hill began a housing market study to analyze market growth and the value of home sales.  The study will also focus on affordable housing to go along with the Orange County Consolidated Plan for providing affordable housing over the next five years.  See the full article by The Herald-Sun. Chapel Hill Cuts Bus Service The Chapel Hill Town Council modified transit routes and schedules to save more than $340,000 next year.  Gone from the transit system will be the weekday feeder service for residents not near a bus line and Shared Ride services on Sundays and evenings.  ADA eligible trips will not be affected.  See the full article by The Herald-Sun. Chancellor Prepares UNC Employees for Bad News At a meeting for the Community Leadership Council, UNC Chancellor Holden Thorp was bleak about the future of UNC’s budget.  Shortfalls might affect jobs, enrollment levels, or talent recruitment.  See the full article by 1360 WCHL. Economy Stalls Carolina North The initial Innovation Center for entrepreneurial spin-offs may be delayed along with the Law School project.  The Med Air program is waiting on construction at RDU to finish before moving sometime in the spring of summer of 2011.  See the full article by The Carrboro Citizen. Schools Area High Schools Best in Nation The 2010 Newsweek rankings put area high schools among the best in the nation based on advanced courses.  See the list from Newsweek. Chapel Hill Among Best Places to Live Money Magazine ranked Chapel Hill 40th in the nation for the best small cities in which to live.  The magazine considered economic climate, cultural attractions, schools, crime, and recreation in assigning the rankings.  See the full article by The Triangle Business Journal. Orange County Visitors Bureau Absorbs Orange County Arts Commission The Orange County Arts Commission moved from Hillsborough to West Franklin Street at the Chapel Hill/Orange County Visitors Bureau.  Last month, the Orange County Board of Commissioners reflected on both organizations’ operations, and consolidated the Arts Commission to the Visitors Bureau.  The Arts Commission distributes more than $60,000 in grants each year for local programs and art installations.  See the full article by The Herald-Sun. The Triangle Chatham Declines Hotel Tax Increase The Chatham County Board of Commissioners did not follow through on a plan to raise the lodging occupancy tax from 3% to 6% after hearing feedback from the community.  Tourism pumps $25.35 million into Chatham County’s economy, or $1.45 million in county revenues.  See the full article from The Chapel Hill News. Triangle Unemployment Down The Employment Security Commission of North Carolina reported that Triangle Unemployment decreased to 8%.  Orange County held steady at 6% from April to May.  See the full article by the Triangle Business Journal. Report: Triangle Economy Looking Up NC State economist Mike Walden’s semi-annual Economic Outlook reports sees the state economy improving in the next two years.  Walden expects 70,000 to 80,000 new jobs in both 2010 and 2011.  Unemployment will likely decline, with the Triangle falling among the lowest rates at 6.7% in 2011.  Walden cautions against high real estate costs but praises current job creation rates.  See the full article by The Herald-Sun. State and Nation General Assembly Passes Budget For the first time since 2003, the General Assembly passed the state budget on schedule by the end of June.  Governor Perdue signed the bill into law soon after.  The recession created an $800 million spending gap, but Perdue predicts the budget will create or protect 20,000 over three years with a small-business tax credit and a new transportation fund.  See the full article by the News & Observer.State Regulates Towing Business owners will now be responsible for prominently posting tow company information.  The new law limits towing beyond a 15 mile radius in most cases and prohibits vehicle owners from being forced to waive their rights to claim their vehicle.  See the full article by the News & Observer or the Durham News Service. State Ranks High for Business CNBC ranked North Carolina fourth among states for doing business.  The results were based on the economy, cost of doing business, business friendliness, transportation and infrastructure, technology, education, work force, and other criteria.  See the full article by The Triangle Business Journal. Hospitality Jobs Lead Job Growth The unemployment rate in North Carolina fell almost half a percentage point to 10% in June, according to the Employment Security Commission of NC.  7,900 new jobs were in hospitality and leisure sectors of the economy.  See the full article by The Triangle Business Journal. Senate Passes Financial Reform The financial regulatory reform bill has passed both houses of Congress and awaits the President’s signature.  The bill imposes capital and leverage requirements and creates a system to liquidate faiing banks.  It adds regulation to over-the-counter derivatives and creates a financial watchdog agency.  See the full article by The Triangle Business Journal. State Sales Tax Holiday Set for August 6-8 Items like school supplies, computers, and clothing will be exempt from the state sales tax the weekend of August 6-8.  Retailers may not charge sales tax on certain items.  For details, visit the sales tax holiday website from the state Department of Revenue.

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