Levine Properties has continued to push forward in their plans of a complete “overhaul” of First Ward. However the Charlotte development company still needs the city and county to play a major financial role to move forward on a park, parking decks and a combination of offices, shops and apartments. The issue now that has put a halt on schedule approving is $250,000 worth contingency costs and interests fees and whether the City of Charlotte or Levine Properties pays this. John Lassiter, a Republican who chairs the economic-development committee, told city staffers this week that the project is too important to the city, county and Levine to abandon or delay over $250,000. He asked them to come up with potential solutions for the funding gap. Levine principal Daniel Levine has offered to bear upfront costs for a makeover of Eighth Street as well as portions of a county-owned park. Design and construction on Eighth Street, which will run through the park, will cost $5.5 million. In addition, Levine would pay for $4.6 million of the $7 million park, with those costs to be paid back to the developer through existing tax-increment financing agreements tied to the larger project. Levine estimates that the project will create near 3,400 jobs. Levine owns 23 acres in the area, with about half of that involved in the initial phase encompassing the UNCC campus, the park, the decks and other elements.
City of Charlotte & Levine’s 1st Ward Project
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