Title
Agreement for Redevelopment, Licensing, and Property Exchange with Investicore Prop Co 4, LLC
Action
Action:
A. Adopt a resolution approving:
- The redevelopment of a parking lot on City-owned property at 3200 South Boulevard (parcel identification numbers 147-021-13 and 147-021-28) by Investicore Prop 4 Co, LLC (Investicore),
- Upon completion of redevelopment, the City to license a portion of parking spaces to Investicore,
- An exchange of right-of-way between the City of Charlotte and the Investicore, and
B. Authorize the City Manager and or his designee to execute all necessary agreements and other documents to complete and implement these transactions.
Body
Staff Resource(s):
John Lewis, Jr., CATS
John Howard, CATS
Explanation
* Investicore Prop 4 Co, LLC (Investicore) received approval to build a mixed-use development (the "Development") on its property located at 3216 South Boulevard in Council District 3 and desires additional parking for the Development.
* The City owns an adjacent property that currently has a parking area containing 23 parking spaces serving CATS' South Boulevard Vehicle Maintenance Facility.
* Investicore proposes to redevelop the City's existing parking area at its own expense, which will increase the number of parking spaces from 23 to 110.
* Upon completion of redevelopment, Investicore desires to license back a portion of the parking spaces from the City, with remaining spaces to accommodate CATS' parking.
License for Parking
* The City shall license to Investicore 80 parking spaces for a 20-year term for the Development for a monthly rate of $100 per space, with rent increasing annually after the third year.
* Investicore shall be responsible for any and all maintenance and repairs to the parking area at its own expense during the term of the license.
* The City may terminate the license at any time and for any reason but shall reimburse Investicore a portion of the redevelopment costs, said portion decreasin...
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