Title
Resolution Authorizing an Urban Development Investment Grant, Not to Exceed $1,000,000.00, to Self-Help Venture Fund for Renovation and Revitalization of the Revolution Mill Property at 1200 Revolution Mill Drive
Body
Department: Executive
Council District: 2
Public Hearing: 12/8/2015
Advertising Date/By: 11/25/2015
Contact 1 and Phone: Jim Westmoreland, Ext. 2002
Contact 1 and Phone: Kathi Dubel, Ext. 4579
PURPOSE:
The City of Greensboro has been requested to consider an Urban Development Investment Grant in the amount of $1,000,000.00 to Self-Help Ventures Fund for completion of the rehabilitation and revitalization of the historic Revolution Mill property at 1200 Revolution Mill Drive. This grant will enable a long-term underutilized property that currently sits in varied states of use and disrepair to be renovated and returned to full service, thereby furthering the revitalization of Greensboro and the commercial prospects of East Greensboro.
BACKGROUND:
Located in a City of Greensboro Reinvestment Area in East Greensboro, Revolution Mill is a 25-acre historic mill property under redevelopment into a mixed use, mixed income live-work-create community. Following initial efforts to revitalize the campus that were halted by the Great Recession, Self-Help (a NC-based community development organization) purchased the property in 2012 with the vision to revitalize the campus through historic preservation and economic development. Revolution Mill is currently home to a variety of businesses, a caf?, and performance and event spaces. The current tax value for the Revolution Mill property is approximately $12,500,000.00. When construction is completed, Revolution Mill will include 520,000+ square feet of office, retail, residential and restaurant space. The development includes flexible workspace for artists and creative professionals, a public history exhibit and two art galleries, and several courtyards and plazas for community...
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