Title
Interlocal Agreement with the City of Charlotte - Providence Square Redevelopment
Action
ACTION:
1) Adopt a Resolution approving an Interlocal Agreement with the City of Charlotte for the reimbursement of public improvements to be constructed by a private developer in support of new economic development opportunities by committing 45% of the incremental ad valorem taxes created by the project for a period of fifteen years in the amount not to exceed $12,130,000 (together with interest on such amount at a customary municipal rate).
2) Authorize the County Manager to execute a contract for the same, with any necessary or helpful nonmaterial changes.
Staff Contact: Roger Johnson, Director, Office of Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
Levine Properties is leading a joint-venture development initiative to redevelop an existing area with 60+-year-old apartments & commercial uses known as “Providence Square” on 84 acres at Providence Rd./Old Providence Rd. & Sardis Lane in Charlotte, NC. The redevelopment goal is to replace deteriorated units & create ±975 new units with 100 units being reserved as workforce housing at 80% AMI and 8 units being reserved as affordable housing at 60% AMI, and 225,000 sf of updated commercial uses including smaller format retail, grocery store and neighborhood office & other recreational and institutional uses.
Levine Properties is coordinating with Northwood Ravin (together, the “Developers”) on the sale and redevelopment of 20 acres across Providence Rd. by Northwood Ravin for up to 745 residential units. Separately, it is noted that the Developers have coordinated with Horizon Development Properties on its successful rezoning of the Gladedale housing community to allow up to 75 affordable units.
As part of its community commitments, the Developers will undertake the following efforts, which will be monitored by the County on a quarterly basis:
• Developers will suppor...
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