Title:
Brooklyn Village -- Interlocal Agreements -- (presentation 10 minutes)
Summary
ACTION:
Adopt the resolution entitled: RESOLUTION approving the fOURTH amendment to THE BROOKLYN VILLAGE/KNIGHTS BASEBALL STADIUM INTERLOCAL COOPERATION AGREEMENT BETWEEN THE COUNTYAND THE CITY, AND AUTHORIZING NEW INTERLOCAL AGREEMENTS AMONG THE COUNTY, THE CITY, THE BOARD OF EDUCATION, AND THE HOUSING AUTHORITY
Staff Contact: Mark Hahn, Director of BSSA-Asset and Facility Management
Presentation: Yes
BACKGROUND/JUSTIFICATION:
The County obtained Marshall Park from the City of Charlotte pursuant to the May 14, 2007 Brooklyn Village / Knights Baseball Stadium Interlocal Cooperation Agreement ("Interlocal Agreement") between Mecklenburg County and the City of Charlotte, which required that part of that land be developed for affordable housing. To implement that part of the Interlocal Agreement, the parties executed and recorded the Brooklyn Village Affordable Housing Agreement and Declaration of Restrictive Covenants ("Declaration of Restrictive Covenants").
The May 14, 2007 Interlocal Agreement, as amended on December 1, 2007, provided that if the County did not sell the Brooklyn Village parcels that were to be subdivided from Marshall Park and the adjacent Board of Education property by December 1, 2012, the City could within 60 days following that date, require that the County convey the Marshall Park property back to the City. The Declaration of Restrictive Covenants, as written, is not effective except for a sale prior to December 1, 2012.
On November 20, 2012, by approval of Agenda Item 12-0686, the Board of Commissioners approved a Second Amendment to the Agreement to Sell Property to Spectrum Investment Services, Inc. extending the original deadline to purchase the parcels from December 1, 2012 until June 1, 2013.
On January 16, 2013, by approval of Agenda Item 13-0812, the Board of Commissioners approved a Second Amendment to the Interlocal Agreement to reflect the extension to June 1, 2013 granted in the Second Amendment to the sales agreement.
Spectrum Investment Services, Inc. did not close on the sale of the Second Ward Property by June 1, 2013, and thereby lost its right to purchase the Second Ward Property. County staff believes it may be easier to sell the property incrementally (one parcel or more at a time, rather than the entire property) and started working on a possible arrangement among the County, the City, the Charlotte-Mecklenburg Board of Education, and the Housing Authority of the City of Charlotte, NC for a possible phased sale approach.
To provide the necessary time for all four entities to negotiate a non-binding term sheet on this phased sale approach, and to preserve the right of the City to require re-conveyance of Marshall Park should this phased sale approach not be acceptable to all parties, the City and the County desired to amend the Interlocal Agreement to change the June 1, 2013 date to October 1, 2013. On July 2, 2013, by approval of Agenda Item 13-0812, the Board of Commissioners approved a Third Amendment to the Interlocal Agreement to reflect an extension to October 1, 2013.
Negotiations on the non-binding term sheet among the entities have now been concluded. To provide the necessary time for the four entities to negotiate and execute formal agreements on this phased sale approach, and to preserve the right of the City to require re-conveyance of Marshall Park should formal agreements not be executed among all parties, the City and the County desire to amend the Interlocal Agreement to change the October 1, 2013 date to April 1, 2015, and to provide that the County cannot sell any of the former Marshall Park property until there has been either a further amendment of the Interlocal Agreement or a new interlocal agreement has been approved and executed.
At its October 28, 2013 meeting, the Charlotte City Council approved a Fourth Amendment to the Interlocal Agreement and authorized the City Manager to negotiate and execute a new interlocal agreement with the County consistent with the business terms outlined in the attached Resolution.
Attached are the following documents:
1. RESOLUTION approving the fOURTH amendment to THE BROOKLYN VILLAGE/KNIGHTS BASEBALL STADIUM INTERLOCAL COOPERATION AGREEMENT BETWEEN THE COUNTY AND THE CITY, AND AUTHORIZING NEW INTERLOCAL AGREEMENTS AMONG THE COUNTY, THE CITY, THE BOARD OF EDUCATION, AND THE HOUSING AUTHORITY
2 . FOURTH AMENDMENT TO THE BROOKLYN VILLAGE / KNIGHTS BASEBALL STADIUM INTERLOCAL COOPERATION AGREEMENT
PROCUREMENT BACKGROUND:
NA
POLICY IMPACT:
NA
FISCAL IMPACT:
$7,000,000 from County FY15 PayGo Funds not currently allocated for CMBE purposes