Title
Land Acquisition for Charlotte Gateway Station
Action
Action:
A. Approve the purchase of five parcels (parcel identification numbers 073-162-01, 073-162-02, 073-161-06, 073-161-03, 073-161-01) of approximately 1.1 acres located at West 4th Street and South Graham Street for $6,810,000 from Mecklenburg County, and
B. Adopt a budget ordinance appropriating $4,475,892 from Municipal Debt Service Fund Balance.
Body
Staff Resource(s):
Mike Davis, Engineering and Property Management
Tony Korolos, Engineering and Property Management
John Lewis, CATS
Explanation
* The Charlotte Gateway Station (CGS) project is part of the 2030 Transit System Plan and includes a multi-modal transportation center with a rail passenger and bus station embedded in a newly created mixed-use development district in Uptown Charlotte.
* Mecklenburg County owns 1.1 acres, improved with a parking lot, at the corner of West 4th Street and South Graham Street, adjacent to the planned CGS (Council District 2).
* The City will purchase and incorporate the County parcels into the overall CGS Master Development, which calls for the CATS bus component to be placed there.
* This property was appraised for $6,810,000.
* This property will enhance redevelopment opportunities in the CGS area, including development of affordable housing.
* The terms of the purchase are as follows:
* Purchase price of $6,810,000,
* Purchase agreement within five days of Council approval, and
* Closing to occur not more than sixty days.
* CATS will use an FTA funding source for $2,334,108 of the purchase. The remaining balance of $4,475,892 will be funded by the City CIP Gateway Station funding.
* The CGS will be completed in phases using federal and state grant funding, as available through the North Carolina Department of Transportation, a CGS project partner, and the Federal Railroad Administration TIGER Grant Agreement.
Fiscal Note
Funding: CATS Community Investment Plan
Attachments
Attachment(s)
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