Title
Midtown/Pearl Park Redevelopment Project - Infrastructure Reimbursement Amendment
Action
Action:
A. Authorize the City Manager or his designee to negotiate and execute an amendment to the 2016 Infrastructure Reimbursement Agreement between the City of Charlotte, Mecklenburg County, and Pappas Midtown, LLC for the Midtown/Pearl Park Redevelopment Project as follows:
* Increase the maximum not-to-exceed grant amount to $7,174,193,
* Expand the tax increment area,
* Expand the scope of infrastructure improvements to be completed by Pappas Midtown LLC, and
B. Adopt a resolution approving an amendment to the Interlocal Agreement with Mecklenburg County to reflect the amendment to the Infrastructure Reimbursement Agreement.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Explanation
Action A:
* In November 2016, City Council authorized an Infrastructure Reimbursement Agreement (Agreement) between the City of Charlotte, Mecklenburg County, and Pappas Midtown, LLC to facilitate the Midtown/Pearl Park Redevelopment Project.
* The terms approved by City Council in 2016 include:
* Pappas Midtown, LLC to be reimbursed for approximately $4,417,000 in public infrastructure improvements.
* Pappas Midtown would build the public improvements and would be reimbursed through 45 percent of the incremental city and county property taxes from a designated area over 10 years.
* The public improvements to be reimbursed under the terms of the agreement include:
* Extension of Pearl Park Way,
* Extension of Berkeley Avenue between Greenwood Cliff and Pearl Park Way Extension,
* Extension of water and sanitary sewer mains from the remainder of Greenwood Cliff to Kenilworth Avenue via Berkeley Avenue and Pearl Park Way,
* Reimbursement to Pappas Midtown, LLC for the value of a portion of property to be designated as street right-of-way,
* Extension of Pearl Park Way to Baxter Street, and
* Replacement of parking spaces on Charlotte Housing Authority property.
* ...
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