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File #: 18-4781    Version: 2 Name: Revised: Interlocal Agreement with the City of Charlotte as it relates to CF Hippolyta LLC
Type: Staff Reports & Requests Status: Staff Reports & Requests
File created: 6/12/2018 In control: Economic Development
On agenda: 7/10/2018 Final action:
Title: : Revised: Interlocal Agreement with the City of Charlotte as it relates to CF Hippolyta LLC
Attachments: 1. 18-4781 ED Presentation Revised CF Hippolyta Interlocal Agreement (002).pdf, 2. Resolution City of Charlotte Interlocal Agreement_CF Hyppolyta LLC.pdf, 3. ED Item City - Interlocal Agreement.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title:
Revised: Interlocal Agreement with the City of Charlotte as it relates to CF Hippolyta LLC

Summary
ACTION:
1) Adopt a Resolution approving an Interlocal Agreement with the City of Charlotte for the reimbursement of public road 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 ten years

2) Authorize the County Manager to execute a contract for the same, with any necessary or helpful nonmaterial changes


Staff Contact: Peter Zeiler, Director, Office of Economic Development


Presentation: Yes


BACKGROUND/JUSTIFICATION:
Charlotte Douglas International Airport (CDIA) and the City of Charlotte are entering into an agreement to sell approximately 90 acres of CDIA held land to CF Hippolyta LLC. The property was originally residential land acquired by CDIA through a federal aviation noise mitigation program and is now targeted for commercial redevelopment per CDIA’s master plan for its excess land. The subject land is currently in the extra territorial jurisdiction of Charlotte and the large majority of the site assemblage is currently tax exempt.

CF Hippolyta LLC intends to construct a commercial warehouse and logistics building of approximately 2,500,000 square feet and cause the creation of approximately $200,000,000 million in incremental taxable real and personal property at the site along with placing the land back into taxable status.

The construction of this facility will require approximately $13,400,000 in new road construction and existing road improvements. These improvements are to accommodate the projected increased traffic as the land changes use from residential to commercial and to achieve the City of Charlotte’s adopted transportation plan for the area. These road improvements will also provide improved access to an additional 54 acres of CDIA held land that is not part of the transact...

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