Graham City Council

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June 13

• 38-Acre Industrial | Approved

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Cherry Lane

Southeast Graham | 38.93 Acres | Approved

The Cherry Lane project in Graham, NC, is a significant development initiative led by Amanda Hodierne, who is representing the developer. The project is primarily industrial in nature, with a proposed building of approximately 282,000 square feet. The project was generally well-received by the Council members, with the annexation of the land for the project being approved. However, there were some concerns and discussions about the open space and the potential for a public trail.

The project has unique aspects, including the proposed creation of a public trail as part of a network of greenways. The project also includes a significant amount of open space, with almost 40% of the site being designated as such.

Public reception of the project was mixed. Some residents expressed concerns about the impact of construction on local roads. There were also questions about how the creek in the area would be maintained to prevent erosion. The Cherry Lane project represents a significant development in this part of Graham, generating positive tax revenue for the city and contribute to the city as a corporate citizen. The project also aligns with the city's development scheme and is expected to enhance the city's infrastructure by connecting to water and sewer services.

However, the project also raises questions about the balance between development and preservation of natural spaces, as well as the impact of construction on local infrastructure. The discussions around the project highlight the need for careful planning and consideration of community feedback in development initiatives.

The developer behind Cherry Lane Industrial is Intersect Development Group. IDG is a real estate development firm based in Atlanta, Georgia. The firm was founded in 2019 by Scott Brown, Chase Adams, and Brandon Jones. Intersect Development Group has a focus on developing Class “A” industrial real estate in the United States. The firm has developed over 15 million square feet of industrial real estate throughout the Southeast.

Intersect Development Group is currently developing two projects in Greensboro, North Carolina. The first project is a 475,200 square foot Class “A” industrial building that is scheduled to be completed in summer 2021. The second project is a 1.2 million square foot master-planned industrial park that is scheduled to be completed in 2024.

Developer: Intersect Development Group

Attorney: Isaacson Sheridan, Amanda Hodierne

Staff Report

Did you know that the value of the City of Graham increased 65% in the the last 6 years? In 2017-18 the value was $1.14 billion and in 2023-24 the City’s value has increased to $2.3 billion.

During the meeting, participants expressed concerns about the reevaluation process in the City of Graham. They criticized the use of aerial flybys, Google Street View, Zillow, and Realtor.com to determine property values, stating that it led to significant changes in property values, often doubling them.

Participants also discussed the misconception that revenue neutrality would result in the same tax bill for residents, explaining that the burden would actually shift to residential property owners due to the reduction in tax rates for other items such as vehicles and commercial buildings. The use of Zillow and Trulia for property valuation was criticized, citing a lawsuit against Zillow for overvaluing properties. Participants expressed concerns about the potential negative impact on the community, including gentrification and higher taxes for residents and seniors on fixed incomes.

They called on the council to explore options to keep the tax rate revenue neutral and suggested deferring new cost items or using fund balance to reduce the budget. The meeting ended with a discussion about the unknown fund balance and the difference between the current budget and revenue neutrality.

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