Title
Ballantyne Infrastructure Reimbursement
Action
Action:
A. Authorize the City Manager to negotiate and execute a Master Development Agreement with Northwood Development, LLC (Developer) setting forth the general terms and conditions of the City and Developer's partnership regarding affordable housing, arts and culture, traffic mitigation, multimodal transportation, parks and greenways and other community benefits in the redevelopment of Ballantyne Corporate Park,
B. Authorize the City Manager to negotiate and execute a contract with Developer for the reimbursement of costs for public infrastructure in an amount not to exceed $25 million for public infrastructure improvements, which will be reimbursed through 45 percent of incremental City and County property taxes from a designated area over 15 years, or until fully reimbursed, whichever occurs first,
C. Authorize the City Manager to negotiate and execute a contract with Developer for the reimbursement of costs for public infrastructure in an amount not to exceed $17.5 million for public infrastructure improvements, which is expected to be reimbursed to the developer in full by the 2022 Bond Referendum OR in two payments of $8.75 million split between the 2022 and 2024 Bond Referendum OR in a combination of payments from other municipal sources of funding, and
D. Adopt a resolution approving an Interlocal Agreement with Mecklenburg County and authorizing the City Manager to negotiate and execute all documents necessary to complete the interlocal cooperation.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Explanation
* The 454.24-acre Ballantyne Reimagined development is a private development site located in South Charlotte in Council District 7.
* Northwood Development, LLC (Developer) plan to redevelop approximately 140 acres on the east side of Highway 521 through two phases and will provide municipal improvements within their development through the city's Capital Investment Plan...
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