We recently served as special counsel to the Town of Waynesville to facilitate a public-private partnership to redevelop the former BI-LO shopping plaza. Our team, led by Ashley Anderson, worked with the Town Manager and Town officials to craft an agreement that will help ensure that the Town’s participation results in the Town’s getting the development it wants at this high-profile location. This agreement includes an innovative requirement for the developer to provide affordable housing units for the community.
The new Mountain Creek apartment complex will house 210 units in two, four-story apartment buildings along Richland Creek. The developer asked the Town to contribute to some infrastructure improvements pursuant to an infrastructure reimbursement agreement. We worked closely with Town officials, including Board members, to determine if the Town wanted to participate, and if so, what the Town wanted in return. Recognizing the need more diverse housing stock, the Board made affordable housing a top priority.
We led the negotiations with the developer to structure $2.417M in financial and administrative Town incentives designed to support public roadway improvements, connectivity, storm water improvements and enhanced recreational opportunities. In return, the developer is providing for 20 of the Mountain Creek units to be offered at affordable rental rates. All elements of the Town’s participation are conditioned on the developer’s providing tax base increases and the affordable units.
The Town has therefore leveraged the developer’s request for assistance with infrastructure costs into affordable housing opportunities, recreational opportunities and an expanded greenway system, while facilitating a desirable revitalization of a blighted shopping center. And, the Town has done so in a way that minimizes its risks, financial and otherwise.
Successful community economic development, doesn’t happen by accident. Start by identifying your goals and don’t be afraid to ask for what you want when a project comes up. In our practice, we work closely with clients to implement creative solutions that match both public- and private-sector goals, while balancing legal requirements and risk tolerances. To get started with revitalization in your community, call 919-524-2096 or email Ashley today – firstname.lastname@example.org!