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File #: 15-19244    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 11/16/2022 In control: City Council Business Meeting
On agenda: 11/28/2022 Final action:
Title: Exchange of Real Property with 401 S College Street NC, LLC
Attachments: 1. Map - Overview Parcels Land Exchange, 2. Resolution to Exchange v.f Updated 11172022 3-51
Exchange of Real Property with 401 S College Street NC, LLC

A. Adopt a resolution authorizing the exchange of certain real property rights between the City of Charlotte and 401 S College Street NC, LLC, a Delaware limited liability company, and

B. Authorize the City Manager, or his designee, to execute any documents necessary to complete this transaction in conformity herewith.

Staff Resource:
Tracy Dodson, City Manager's Office

Additional Resource:
Tom Murray, CRVA CEO

* The city owns the 3.262-acre parcel (Parcel Identification Number 125-071-08), located across from the NASCAR Hall of Fame and bounded by South Caldwell Street, East Brooklyn Village Avenue, and South Davidson Street, in Council District 1, (the "Entire City Parcel").
* The Entire City Parcel was purchased in 1998 for uses supporting the Convention Center. The city property is currently zoned Uptown Mixed Use District (UMUD).
* 401 S College Street NC, LLC, a Delaware limited liability company ("401 College") is under contract to purchase the 2.3-acre parcel (Parcel Identification Number 125-062-01) located at the corner of South College Street and East Martin Luther King Jr. Blvd, in Council District 1, (the "Entire 401 College Parcel") from Duke Energy. The 401 College Property is currently zoned UMUD.
* The city and Charlotte Regional Visitors Authority (CRVA) propose to exchange the southwestern most 1.9-acre portion of the Entire City Parcel (the "City Portion") for the northernmost 0.7-acre portion of the Entire 401 College Parcel (the "401 College Portion").
* 401 College proposes to convey to the city the 401 College Portion subject to a deed restriction preventing residential or office development for a period of five years from the date of the conveyance, excluding the operation of hotel and office uses that are incidental to the permitted hotel use; however, in the event 401 College, its successors or assigns, elects to develop a hote...

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