$1.3M Incentive for Mixed Use Development Approved
Economic Development Incentive Approved
On Monday, October 10th the Chapel Hill Town Council approved an economic development incentive award valued at nearly $1.3 million that will help kick-start construction of the privately-funded $80 million Carraway Village mixed-use development project on Eubanks Road. The Council held a public hearing to receive comments on the Carraway Village (formerly The Edge) development. After changing the agreement’s affordable housing requirements and adding additional conditions for the developer, the Council authorized approval of an economic development incentive agreement. The Council action on Monday comes after a Special Use Permit was approved for the development in February 2015.
The funds will help cover approximately 30 percent of the road improvement costs that are necessary for the additional traffic flow that the project is expected to generate. The project is located near the intersection of Interstate 40 and Martin Luther King Jr. Boulevard, across from the Harris Teeter-anchored Chapel Hill North retail and apartment complex on the northern edge of Chapel Hill’s town limits.
The town’s agreement with the developer, Charlotte-based Northwood Ravin, stipulates that the funds are being granted to address existing traffic conditions on Eubanks Road that would have been needed irrespective of the construction of Carraway Village. Northwood Ravin finalized the $11 million purchase of the land for Carraway Village in April.
Northwood Ravin agreed to adjust the conditions for its affordable housing requirements at Carraway Village, extending its commitment to pursue development and financing of an affordable housing project for at least 10 years, instead of the previously agreed upon term of five years. They also agreed to transfer to the town a one-acre parcel of land for $1 within the next 10 years for the creation of additional affordable housing units.
Read the full article from Amanda Hoyle of the Triangle Business Journal.