Commissioners voted unanimously for more than a million dollars in tax breaks to help with infrastructure costs. In return, some of the homes would be affordable.
Mecklenburg County Commissioners unanimously approved more than a million dollars in tax breaks for new townhouse developments just north of Uptown Charlotte.
The Drakeford Company, a local company, is building 92 townhomes and a commercial space off of Statesville Avenue near Camp North End.
The developer asked the county and the City of Charlotte for tax breaks in order to help with the cost to build out the infrastructure for the project, something both government bodies have done in the past with other projects.
Commissioners approved the tax-increment grant (TIG) totaling $1,022,872 over 15 years. This would reimburse the developer’s upfront costs in order to build the infrastructure needed.
The City of Charlotte agreed to more than half a million dollars of a TIG request for the project.
Below is a breakdown of how TIG would be used to offset the costs for infrastructure.
Credit: Mecklenburg County Government
A majority of the townhomes would be for sale properties, with 18 of them for rent.
Nine of the townhomes would remain affordable for those households earning between 80% and 100% of the average median income.
They would remain affordable for the workforce, according to the developer, for 15 years.
The project would also include a commercial space that the developer says would bring in businesses like a restaurant, pharmacy, or insurance business for people in the neighborhood to use.
The promise to stray away from low-end commercial space in the historically Black neighborhood was applauded by commissioners.
“When you go to communities of color it is low-hanging fruit to have the dollar store, and whatever other pawnshops, and whatever low-end retail,” Commissioner Mark Jerrell said. “And for you to be committed to say, ‘Listen that just can’t happen — that’s not going to happen,'” he continued as he thanked the developer for the promise.
Construction is set to begin later in April with residents moving in towards the end of 2023, according to the developer.