Title
Development and Reimbursement Agreement - Eastland Park
Action
ACTION:
Authorize the County Manager to negotiate the terms and conditions to execute a Development and Reimbursement Agreement between Mecklenburg County (“County”) and C4 Development, LLC ("Developer") and all necessary documents necessary for the design and construction of Eastland Park to be located on a portion of Tax Parcel 103-041-99 on Central Avenue.
Staff Contact: David Booth, Asset & Facility Management
Presentation: No
BACKGROUND/JUSTIFICATION:
At its April 2, 2024 meeting, the Board of County Commissioners accepted the donation of a portion of Tax Parcel 103-041-99 totaling ± 4.5 acres from the City of Charlotte set aside for a future park. The park parcel fronts Central Avenue, between Sole East Avenue and Hollyfield Drive, within the mixed-use redevelopment project of the old Eastland Mall, referred to as Eastland Yards. The redevelopment project will include retail, residential, and the creation of public uses, such as parks, greenspace and public parking.
The Developer approached the County about planning and constructing the park parcel simultaneously with the redevelopment of Eastland Yards. The developer proposed to fund the design of the park parcel with an agreement that the County would reimburse the developer in an amount up to $1,500,000. The reimbursement agreement would be for the design and engineering of the park parcel and any negotiated infrastructure improvements related to the development of the park. As part of its 2019 General Assembly legislative agenda, the County sought and obtained clarifying language and authorization to enter into such as agreement (See attached Senate Bill 242, Session 2019).
The park parcel will feature two (2) multi-purpose lawn areas, walking trails, a performance stage, restroom facilities, a playground, an interactive fountain, multi-purpose sport courts, skateable elements, a fenced dog lounge, various seating areas, and landscape improvements.
The major business terms of the Development and Reimbursement Agreement are as follows:
Developer’s Services and Responsibility: The developer is responsible for funding and procuring all design professionals, project engineer, general contractor and all other subcontractors necessary to deliver the completed park design documents and any associated infrastructure construction activities that have been mutually agreed upon between the County and the Developer for the development of the park parcel by the County.
County’s Rights and Obligations: The County shall cooperate with the Developer on the review and approval of the park’s design through the schematic design documents, design development documents, and the construction documents phases of the project.
Park Reimbursement Amount: The County is responsible for reimbursing the Developer up to $1,500,000 for successful completion of the park design. During the design period, the Developer shall prepare and submit proposed park invoices monthly for design services. Upon approval of the invoice(s), the County shall submit its reimbursement payment to the Developer.
Final Design Completion Date: The Developer shall use commercially reasonable efforts to cause the Design Services and Work to be completed on or before December 2026.
Anticipated Final Completion Date: The County shall use commercially reasonable efforts to perform Final Completion of the project anticipated December 2027.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A