Title
Eastland Mall Redevelopment Public Private Partnership - Crosland Southeast
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate and execute a Master Development Agreement with Crosland Southeast, LLC (Developer) setting forth the general terms and conditions of the city and Developer's partnership regarding phased property transactions, revenue sharing, and community benefits in the Eastland Mall redevelopment;
B. Authorize the City Manager, or his designee, to negotiate and execute a contract with Developer for the reimbursement of costs for public infrastructure in an amount not to exceed $17.25 million, which will be reimbursed from the Capital Investment Plan;
C. Authorize the City Manager, or his designee, to negotiate and execute a contract with Developer for the reimbursement of costs for public infrastructure, public parking, and other public improvements in an amount not to exceed $11 million, which will be reimbursed through 45 percent of the incremental property taxes from a designated area over 20 years, or until fully reimbursed, whichever occurs first; and
D. Authorize the City Manager to negotiate and execute any further ancillary instruments or non-material changes to the agreements as may be necessary.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Todd DeLong, Economic Development
Explanation
* The city purchased approximately 80.4 acres of the former Eastland Mall property in August 2012 as an opportunity to aid economic development and neighborhood revitalization in the area. Eastland Mall was demolished in 2013.
* The redevelopment principles created by the Eastland Area Strategies Team help guide the redevelopment of the site:
* Enhance the perceptions of the Eastland area and East Charlotte,
* Unify local communities,
* Create connectivity and walkability for surrounding neighborhoods,
* Take advantage of natural features,
* Create opportunity for civic development, and
* Increase equit...
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