Title
Providence Square Infrastructure Reimbursement Agreement
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate and execute an infrastructure reimbursement agreement with LNR Development, LLC for the construction of public infrastructure in an amount up to $19 million to be reimbursed through 45 percent of the incremental City and County property taxes from a designated area over 15 years, or until fully reimbursed, whichever is earlier, and
B. Adopt a resolution approving an Interlocal Agreement with Mecklenburg County for the Providence Square Infrastructure Reimbursement Agreement.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Todd DeLong, Economic Development
Explanation
* Levine Properties and Northwood Ravin (Developers) are collaborating on a coordinated rezoning of approximately 105 acres near the intersection of Providence Road and Sardis Lane in Council District 6.
* The Developers have created an affiliated entity, LNR Development, LLC, to support coordination of the Developers' infrastructure obligations under this Agreement.
* The proposed redevelopment will replace the existing deteriorated buildings on the land controlled by Levine Properties with a new pedestrian oriented mixed-use village containing residential, commercial, and recreational uses along with large open space areas, new park land, and other improvements.
* Levine Properties proposes to build the following:
* Approximately 225,000 square feet of commercial (retail and office) space;
* 28,000 square feet of indoor recreational and/or daycare space; and
* 125 townhome units, including 879 market rate multifamily rental units and 108 housing units with income restrictions.
* 100 of the units will be reserved for households earning up to 80% of the Area Median Income (AMI).
* Eight of the units will be reserved for households earning up to 60% of the AMI.
* Income restrictions will be in place for 15 years.
* The proposed redevelopment wi...
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