Title
Memorandum of Understanding - 7th and North Tryon Redevelopment Project
Action
Action:
A. Authorize the City Manager to negotiate and execute, in coordination with other landowners involved in the project, a Memorandum of Understanding for the 7th and North Tryon Redevelopment Project with the Master Developer, BP-Metropolitan NC, LLC, and
B. Approve the use of Capital Investment Plan and Tax Increment Grant dollars as a source of public funding to be negotiated in the Memorandum of Understanding.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Background
* In early 2017, City Council voted to adopt the North Tryon Vision Plan (the Plan).
* The Plan outlined the desire to create a district that will attract, retain, and strengthen creative industries, innovative arts, and cultural and educational institutions through the following:
* A broader mix of uses to help activate and create an inclusive space and a space that financially supports the district's development and ongoing maintenance;
* A creative integration of land use, architecture, urban design, and programming with functional, yet attractive, infrastructure including transportation, parking, utilities, and public realm improvements;
* Residential development to support existing businesses and destinations, attract new businesses, and make the area more vibrant; and
* Leverage public investment in the district to maximize the benefits while supporting and enhancing existing businesses and helping attract additional employers and jobs.
* Specific to the area between 6th, Tryon, College, and 8th Streets, the Plan suggests the following:
* Planning and development in concert and linked with plaza spaces, streets, parks, and promenades, will create a transformative collective investment in these blocks;
* A shared desire to revitalize the existing Spirit Square and Main Library block presents an opportunity for an urban awakening along North Tryon; and
* Creation of an undergro...
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