Title
North Greenville Infrastructure Reimbursement Agreement
Action
Action:
A. Authorize the City Manager to negotiate and execute an infrastructure reimbursement agreement with The Drakeford Company in an amount not to exceed $2,214,718 for public infrastructure, which is 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. Adopt a resolution approving an Interlocal Agreement with Mecklenburg County for the Greenville North Infrastructure Reimbursement Agreement.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Explanation
* The Drakeford Company (Developer) has proposed to develop a pedestrian-oriented multi-use redevelopment on approximately seven acres located at the southwest corner of Statesville Avenue and Oaklawn Avenue in Council District 1. The redevelopment will comprise a mix of the following uses - approximately 20,000 square feet of commercial space and 92 attached residential units. The residential units will be a mix of for-sale and for-rent units.
* The development, which is located within the City's Corridors of Opportunity, will further the City's goals of increasing economic development, increasing accessibility to neighborhoods serving commercial amenities for the surrounding neighborhoods, improving pedestrian and vehicular connectivity, and creating open space and placemaking opportunities.
* Once complete, the development will increase the supply of housing and provide options for a mix of household incomes. The development will also increase access and pedestrian connectivity for residents of surrounding communities to and through the site for neighborhood serving retail (including food and beverage tenant(s)).
* The Developer will commit to offering at least 10 percent of the total residential units available for households earning 60 to 100 percent of the Area Median Income (AMI)....
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