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JUL 3 G 2009 <br />REAL ESTATE DEVELOPMENT • INVESTMENT • BROKERAGE • MANAGEMENT <br />HARRIS MORRISON CO. LLC <br />J. Harris Morrison II1, CCIM, MSRED <br />July 28, 2009 <br />Mr. H. Jay White, Sr. <br />Chairman, County Commissioners <br />P.O. Box 368 <br />71 McCachern Blvd <br />Concord, NC 28026 <br />Dear Jay: <br />Thank you for your serious, thoughtfi-I discussion regarding tax grants for The Old G•eamery. I <br />respect your decision to table the vote. Any decision that potentially uses taxpayer funds for <br />economic development pu-poses is worthy of thorough examination. In this letter, I would like to <br />respond to the concerns mentioned during the meeting and offer a developer's perspective on the <br />parameters surrounding tax grant requests for similar projects. My hope is that this additional <br />information substantiates our request and illustrates how this project creates jobs and merits <br />economic development incentives. <br />Leading up to and during the recent meeting, the commissioners voiced the following concerns: <br />How many jobs will be created? Why does this project need tax gt•ants when similar projects did <br />not? What precedent does this project set? Why five years instead of three? Why should we <br />fund a project with retail space? Please allow me to address these concerns. <br />I. HOW MANY JOBS WILL BE CREATED? <br />As Commissioner Mynatt so accurately stated, the buildings will ct•eate jobs in the future, but <br />they cannot employ anyone if they ace vacant. By bringing them to life as a mixed-use <br />development, these landmark buildings will attract businesses of all kinds, thereby creating jobs, <br />improving property value, and enhancing the Church Street corridor. I estimate this project could <br />create 80 to 160 jobs. This estimate is based upon 20,000 square feet of office space and 20,000 <br />square feet of retail space, and it assumes that the typical office-user has three to five employees <br />per 1,000 square feet and that the typical retail-user has one to three employees per 1,000 square <br />feet. The Economic Development Commission can further substantiate these ratios and help you <br />consider job creation metrics for similar projects. <br />As the owner-developer of The Old Creamery, [believe an invesrinent in this property is an <br />investment in our community. Therefore, I believe in tapping into local expet•tise and engaging <br />local firms. I have awarded almost all contracts to local firms including Lorenz Architecture, <br />George W. Liles Construction Company, Buzz Bizzell Designs, and many sub-contractors. By <br />wot•king with these firms, numerous local jobs have been created or sustained. The propetrty will <br />continue to employ local firths in maintaining the buildings, common areas, landscape, and <br />utilities once the consh•uction ends and the leases begin. <br />1 <br />267 Corban Avenue SW, Concord, NC 28025 P.O. Box 145, Concord, NC 2802(~ttachmentnumber2 <br />704.262.6314 Direct 704.792.2255 Fax harris~lElkDcompanies.com www.1-arrismorrisoncac~mj~a°riyscom <br />