Title
CAMP North End Infrastructure Reimbursement
Action
Action:
Authorize the City Manager to negotiate and execute an Infrastructure Reimbursement Agreement in an amount not to exceed $15 million for public infrastructure improvements, consistent with the terms set forth below, which will be reimbursed through the 2016 Community Investment Plan.
Body
Committee Chair:
James Mitchell, Economic Development
Staff Resource(s):
Patrick Mumford, Economic Development
Todd DeLong, Economic Development
Mike Davis, Engineering and Property Management
Jim Keenan, Engineering and Property Management
Explanation
* Identified in the Center City 2020 Vision Plan and targeted for economic growth, the Applied Innovation Corridor (AIC) begins in South End, extending through Uptown and North End and ultimately linking to UNC Charlotte's main campus.
* The AIC is an area identified within the Community Investment Plan (CIP) to fulfill the emphasis on investing in corridors and promoting job growth through infrastructure investment.
* Total funding of $28.9 million for the AIC was included in the $816.4 million CIP approved by City Council on June 10, 2013.
* $12.5 million and $2.7 million of the total $28.9 million were approved by voters as part of the November 2014 and November 2016 Bond Referendums.
* The remaining $13.7 million in project funding is scheduled for the 2018 Bond Referendum.
* ATCO purchased the approximate 75-acre site now known as CAMP North End, which is located in the AIC and includes 1.2 million square-feet of vacant industrial buildings.
* On September 18, 2017, City Council approved the rezoning of the site, which could include up to 760,000 square-feet of office space, 65,000 square-feet of retail space and 600 residential units over the next 10 years. Of the 600 residential units, 42 will be reserved for households earning less than 80 percent of the area median income.
* The total estimated private investment over the next 10 years equals approx...
Click here for full text