Title
7th and North Tryon Infrastructure Reimbursement Agreement
Action
Action:
A. Authorize the City Manager to negotiate and execute an infrastructure reimbursement agreement with BP-Metropolitan NC, LCC in an amount not to exceed $24,448,588 for public infrastructure and public parking which are expected to 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, and
B. Authorize the City Manager to negotiate and execute an infrastructure reimbursement agreement with BP-Metropolitan NC, LLC in an amount not to exceed $3,000,000 for public infrastructure improvements, which is expected to be reimbursed in a future bond referendum, and
C. Adopt a resolution approving an Interlocal Agreement with Mecklenburg County for the 7th and North Tryon Infrastructure Reimbursement Agreement.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Explanation
* BP-Metropolitan NC, LCC plans to develop a $600 million mixed-use development on a 3.1-acre site bounded by North Tryon, Seventh, College, and Sixth Streets in Council District 1.
* The 7th and North Tryon redevelopment project is identified as a catalytic site in the City Council-adopted North Tryon Vision Plan.
* In addition to supporting the North Tryon Vision Plan, these improvements implement the City's goals of increasing economic development, increasing the local tax base, creating jobs, improving road networks and pedestrian connectivity, traffic mitigation, creating open space and placemaking opportunities, and public parking.
* The 7th and North Tryon project will serve as a connector for cultural amenities (i.e., Discovery Place, Spirit Square, McGlohan Theater, and Carolina Theater) throughout the corridor and to transit.
* The project is expected to provide approximately:
* 400,000 square feet in office space,
* 30,000 square feet in retail space,
* 345 multi-housing units,
* 2...
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