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File #: 13-0353    Version: 1 Name:
Type: Agendas Status: Public Hearing
File created: 6/18/2013 In control: Board of Aldermen
On agenda: 6/25/2013 Final action:
Title: Public Hearing On A Proposed Economic Development Agreement PURPOSE: The purpose of this agenda item is to take public comment on a proposed economic development agreement between the Town of Carrboro, Fleet Feet, Kalisher, and Main Street Properties
Attachments: 1. Resolution to approve ED Agreement, 2. ECONOMIC DEVELOPMENT AGREEMENT 6-12-2013, 3. Fleet Feet - Property Purchase Budget Amendment
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TITLE: Title
Public Hearing On A Proposed Economic Development Agreement

PURPOSE: The purpose of this agenda item is to take public comment on a proposed economic development agreement between the Town of Carrboro, Fleet Feet, Kalisher, and Main Street Properties
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DEPARTMENT: Economic and Community Development

CONTACT INFORMATION: Annette D. Stone, AICP (919) 918-7319

INFORMATION: Attached is a proposed Economic Development Agreement between the Town of Carrboro, Fleet Feet, Kalisher and Main Street Properties. The agreement lays out in detail all the performance measures for each party in accordance with NC Gen. Stat. 158-7.1 (a)(b). Without this agreement, Fleet Feet Inc., the Fleet Feet retail store and Kalisher's businesses will relocate outside of Carrboro.

The economic and community benefits include job retention and creation by Fleet Feet and Kalisher with annual payrolls of $2.5 million and $7.95K respectively. Property tax and sales tax revenues ($45,129 annually) from new construction of the next phase for 300 East Main and the retention of the Fleet Feet Store. The new construction will result in 36,000 square feet of office and retail space in the Downtown. Fleet Feet Inc. brings over 300 business travelers annually to Carrboro for franchise recruitment. The average mid-week business traveler spends $285 per day. The estimated revenues from business travelers for Fleet Feet alone is $85,000 in local dollars spent annually. Fleet Feet coordinates community runs on weekends and evenings with 800 to 1000 local residents participating, they produce or sponsor local races with over 21,000 participants in 2012 and host numerous other events and services to the local community promoting healthy active lifestyles. Jesse Kalisher supports many local, state and national non-profits and was the founder of the Walk Carrboro campaign.

NC General Statutes require that the Board of Aldermen hold a public hearing prior to executio...

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