Title
Resolution Amending Infrastructure Funding Agreement not to Exceed $180,000 for Eligible Infrastructure Improvements Related to the A-1 Site of the MLK North Initiative within the Ole Asheboro Redevelopment Area
Body
Department: Planning
Council District: 2
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Sue Schwartz, 373-2149
Contact 2 and Phone: Hanna Cockburn, 574-3576
PURPOSE:
In 2012, City Council authorized $100,000 in infrastructure funding to support construction of a mixed use development in the Ole Asheboro Redevelopment Area on the A-1 site. The sub-developer has requested $80,000 in addition funding to offset the projected cost of infrastructure installations.
BACKGROUND:
The Ole Asheboro Redevelopment Plan was amended in 2004 to incorporate the MLK North Initiative which proposed mixed use development on four sites in the northern end of the Ole Asheboro neighborhood, illustrated in the attached map (attachment 1).
Pursuant to a 2007 development agreement with the Redevelopment Commission, the Greensboro Housing Development Partnership (GHDP) has served as the master developer for the A1 and A2 sites. Development of the first component of the A-1 site is ready to begin.
The sub-developer, New Zion Missionary Baptist Church, has requested an additional $80,000 in funding for infrastructure components related to stormwater, water and sewer and shared use parking facilities to serve the entire development site.
The City has negotiated with the sub-developer the leasing of sixty (60) parking spaces in the shared use parking facility being constructed on the A1 site at a rate of $35/space/month for a period not to exceed four (4) years for a total value of $100,800. These leased spaces will support the surfacing parking needs associated with the Union Square Campus development when operations commence in the fall of 2016. The lease rate is comparable to that of existing City surface lots.
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