Title
River District Infrastructure Reimbursement
Action
Action:
Approve the Economic Development Committee recommendation to:
A. 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 45 percent of incremental City property taxes from a designated area over 10 years, or until fully reimbursed, whichever occurs first, and
B. Authorize the City Manager to negotiate and execute an Infrastructure Reimbursement Agreement in an amount not to exceed $16.2 million for public infrastructure improvements, consistent with the terms set forth below, which will be reimbursed through the 2016 Community Investment Plan, and
C. Authorize the City Manager to negotiate an Agreement for Water Line construction in an amount not to exceed $1 million, which will be reimbursed through the Charlotte Water Community Investment Plan.
Body
Committee Chair:
James Mitchell, Economic Development
Staff Resource(s):
Patrick Mumford, Economic Development
Mike Davis, Engineering and Property Management
Barry Gullet, Charlotte Water
Explanation
* The 1,380-acre River District development represents attainment of the City's planning efforts as outlined in the Dixie-Berryhill Plan, the Community Investment Plan (CIP) and Charlotte Douglas International Airport's planning initiative to increase economic development and placemaking opportunities.
* River District rezoning, approved by City Council in November 2016, provides for development of a unique master planned community for office, retail, hotel, and a variety of residential uses, with strong pedestrian and environmental commitments.
* Phase One of the proposed development could include up to one million square-feet of office, 75,000 square-feet of retail, 150 hotel rooms, and 815 residential units (of which 85 would be available to households...
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