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File #: 15-23447    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 10/17/2024 In control: City Council Business Meeting
On agenda: 10/28/2024 Final action:
Title: Hornets Property Transactions
Attachments: 1. Map - Hornets Property Transactions, 2. Resolution - Hornets Property Transactions, 3. Budget Ordinance - Hornets Property Transactions
Title
Hornets Property Transactions

Action
Action:
A. Adopt a Resolution authorizing:
i. The ground lease of 1.907? acres of real property identified as Parcel Identification Number 080-054-84 to Charlotte PEC, LLC;
ii. The conveyance of an option to ground lease said 1.907? acres of real property to the lender of Charlotte PEC, LLC; and
iii. The conveyance of an option to purchase 1.312? acres of real property identified as Parcel Identification Number 080-054-01 to Charlotte PEC, LLC,

B. Authorize the City Manager, or his designee, to negotiate and execute any and all documents necessary for the conveyance(s) authorized by the resolution and in conformity therewith, and

C. Adopt a budget ordinance to appropriate $15,000,000 in fund balance in the Tourism Operating Fund for transfer to and appropriation in the Tourism Capital Projects Fund.

Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Teresa Smith, Finance
Matthew Hastedt, Finance

Explanation
* On March 25, 2024, City Council approved the request of Charlotte Arena Operations, LLC, to modify the allocation of the city investment in Spectrum Center improvements and the location of the new practice facility. That action alleviated the city's financial obligations associated with the potential cost of penalties for construction delays, cost overruns, and practice facility maintenance.
* In accordance with that March action, the city negotiated agreements for the construction of the new practice facility and the potential development of the gravel lot at 501 East Trade Street (the "Gravel Lot").
* This Request for Council Action authorizes the land transactions and updates the funding mechanism used by the city to fulfill a portion of the city's financial obligation.

Actions A and B
* The Gravel Lot was recently subdivided into two tracts; "Tract 1", consisting of approximately 1.312 acres, and "Tract 2", consisting of approximately 1.907 acres (Map Attached).
* The city proposes to ente...

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