Chapel Hill considers 11% tax rate hike

With the fate of the transfer tax not even decided, CH town manager Roger Stancil is already calling for an 11% tax rate hike for Chapel Hill. He warns that property tax rate increases of 3 to 10 cents (per $100 valuation) will not be uncommon in local jurisdictions. (And my guess is that this is a trend that will continue for the forseeable future. )

Rumblings at Eastgate?

The CH Herald reports that Somerhill Gallery's lease has been terminated: Owner Joe Rowand received a notice that his lease was being terminated by center owner Federal Realty two weeks ago. "There was no rationale given," Rowand said Tuesday of the notice, which gave him 45 days to vacate the location. "It was a three-paragraph notice of termination. If you dig deeper, there are other merchants here that have been told they are not being renewed."

Is the implication that Federal Realty, having upgraded the mall area, now wants to churn the tenant population to charge higher rent? Anyone know any thing about this? Aside from my own admiration of Somerhill and my feeling that it's an asset to both mall and town, I have to wonder about efforts to change the nature of Eastgate in a volatile and perhaps failing economy. Has Federal Realty not noticed the unoccupied spaces on Franklin St. and University Mall?



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