Title
7th & Tryon Redevelopment Project - MOU Update
Action
ACTION:
Receive as information an update on the 7th & Tryon redevelopment project outlining the key terms of the MOU (Memorandum of Understanding) with the Master Developer, BP-Metropolitan NC, LLC
Staff Contact: Mark Hahn, Director of Asset and Facility Management Department
Presentation: Yes
BACKGROUND/JUSTIFICATION:
The 7th & Tryon redevelopment project is a coordinated effort by four landowners (Mecklenburg County, City of Charlotte, Charlotte Mecklenburg Library, and Bank of America) to combine their property for a 1 1/2-block redevelopment that will transform the area as recommended by the North Tryon Vision Plan.
In March 2018 a Request for Qualifications was advertised for redevelopment of the two-block area (bounded by Tryon, 6th, College, and 8th Streets). From ten teams that submitted qualifications for consideration, five were selected to receive a more directed Request for Proposal (RFP). The RFP was issued on May 30, 2018 and two credible proposals were received on October 4th. The two teams presented their proposals to the stakeholders on October 15, 2018. Based on those proposals and clarifying information, the stakeholders now wish to execute an MOU with the preferred Master Developer, BP-Metropolitan NC, LLC (“Metropolitan”). The non-binding MOU will then be the basis for the more detailed Development Agreement.
The County Manager will execute (in coordination with other landowners involved in the project) a non-binding MOU to include the following key terms:
Parties
Mecklenburg County, City of Charlotte, Public Library of Charlotte and Mecklenburg County, Bank of America, N.A. (“Stakeholders”), and Metropolitan
Sale and Purchase of the Redevelopment Site
Mechanism of Sale: There will be one land transaction with a to-be-formed special purpose entity owned in whole or in part by Metropolitan (“Buyer”). At the closing all land will be conveyed for a set pr...
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