CHARLOTTE — Charlotte City Council moved a step closer on Monday to approving $6.9 million worth of incentives tied to a $500 million mixed-use development in south Charlotte, with a final vote scheduled for Dec. 9.
[ 3 big developments off south Charlotte road would bring hundreds of housing units ]
Council’s economic development committee voted unanimously in favor of the incentives, sending the proposal to the full 11-member council next week. The city-backed incentives are part of a combined $19 million incentives package requiring separate approval from Mecklenburg County. The county’s portion is $12.1 million.
For both city and county government incentives are paid using a portion — 45%, in this case — of incremental tax revenue generated by the additional private investment. The incentives money is only paid after tax gains have been realized and the money must be spent on specific related projects benefiting the broader community, including road and transportation improvements.
Incentives will be paid for 15 years, though that could shift slightly depending on how fast the additional tax revenue is generated and, thus, repaid. The multi-phase redevelopment is forecast to be finished in 2033.
The project calls for redeveloping the Providence Square shopping center at the intersection of Providence and Old Providence roads and Sardis Lane. The demolition of 473 apartment units on the site started six months ago and is almost complete.
Read the full story on CBJ’s website here.