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415 Mr. Clifton responded to questions regarding the value of the developer's offer to address school adequacy issues. The developer has offered a cash contribution of $350,000.00 to offset adequacy to schools, grading and site preparation by the company of the two school sites at a value of $300,000.00, and engineering, survey and planning costs of $50,000.00. The County proposes to exchange the existing Odell School property (approximately 17 acres) for approximately 62 acres of property and to acquire an additional 19 acres to have sufficient property for two school sites. The developer has estimated the current value of land to be provided to the school system in the exchange at $865,700.00. Mr. Clifton stated a value had not been determined for the Odell School property. However, the developer would not acquire the property until August 2005 and would accept it in "as is" condition at that time, assuming responsibility for demolition, asbestos removal, etc. Mr. Marshall responded to a number of questions regarding the capacity of Odell School, number of projected students from the new development, financial implications of the project, the Western Area Plan and flood plain regulations. He stated capacity at the existing school is 640 and that the projected student count from the development is 1,002 based on .6 per dwelling unit. According to Mr. Marshall, a property tax value of approximately $175,000.00 per home is necessary for the County to break even on providing school services. The developer has indicated that the tax value of homes in the new project would exceed that amount. Also, he stated the proposed development does fit within proposed density of areas in which public service is to be provided and the mixed used component fits within the planned goals for the Western Area Plan. Finally, Mr. Marshall indicated there is ample area for the location of two schools on the designated property even though approximately 25 to 30 percent of the property is in the flood plain. Mr. Robert Burkett, Petitioner, gave an overview of his past experience as a developer, stating he has been in the development and construction business for close to 40 years and has had considerable experience over the last 20 years in residential, commercial and land development activities. He has developed two similar mixed-use projects in the Cary area as well as some mixed-use projects in Virginia and New Jersey. He is currently working on the Rocky River Crossing project in the Town of Harrisburg. Mr. Burkett gave an overview of the proposed project, Moss Farms Development, and stated plans to create a place where people can live, work and play in one area. He stated the project would take a minimum of six years to build out and will include residential space, commercial/retail space and general office space. Both active and passive recreational opportunities will be constructed. According to Mr. Burkett, the mixed-used development will keep a large portion of the traffic on site and mitigate some of the traffic on the outside roads. He valued the current Odell School property at approximately $47,000.00 per acre in today's dollars. However, he stated he will not take possession of the property until August 2005 with estimated demolition and clean up costs of $1.2 million. Mr. Burkett also pointed out that only perhaps 50 percent of the projected 1,002 students will attend elementary school with the others to attend middle or high school. Mr. Stephen Stansbery, Senior Transportation Planner for the Greensboro office of Kubilins Transportation Group, presented the findings of a traffic impact analysis for the proposed development. He reviewed the Executive Summary and presented an overview of the methodology used in conducting the traffic impact analysis of existing conditions and of existing and future zoning for the Year 2004, assuming full build out of the project. The roadways in the study area were NC 73, Odell School Road and Harris Road. The intersections in the study area included: Odell School Road/NC 73; Odell School Road/Harris Road; Site Access "A"/NC 73; Odell School Road/Site Access "B"; and Site Access "C"/Harris Road. Mr. Stansbery stated the results of the 2004 existing and proposed zoning analyses showed that improvements would be required to provide acceptable intersection operations. Also, NC 73 will need to be widened to the recommended five-lane urban section. Turn lanes and signal phases will need to be added to achieve adequate traffic operations at the Odell School Road/NC 73 intersection. In addition, traffic signals and turn lanes would be required at the other four intersections to achieve adequate traffic operations for the proposed zoning. Mr. Stansbery recommended that consideration be given to developer participation of the following improvements: · Construct the three new site access intersections with traffic signa.ls and appropriate turn lanes. The installation of these signals is recommended upon meeting applicable traffic signal warrants as outlined in the MUTCD and upon approval by the North Carolina Department of Transportation (NCDOT).