From Charlotte.com
Eastland Mall Plans Get Another Boost
City manager wants voters to decide on $16 million in bonds
Redevelopment plans for Eastland Mall got another boost earlier this month when Charlotte City Manager Curt Walton called for a bond package that would include $16 million for infrastructure work surrounding the property.
If approved, the money could be used for a range of improvements, including adding street lights and upgrading sidewalks.
The exact amount could change. A decision is expected June 9 when the council votes on the budget.
The measure would then go before voters in November as part of a proposed $227.2 bond package. The council is holding public hearings this month and will make adjustments leading up to its June vote.
Also, the precise use for any money will most likely be influenced by any plans developers come up with during redesign discussions.
Right now, the city is looking for a developer to partner with to help revamp the area. Talks are also under way with the mall’s owners about the property.
Targeting money for infrastructure work is just another step in the city’s effort to turn Eastland Mall into a mixed-use town center with homes, retail space and offices.
It follows a flurry of activity, including a public hearing last month with east Charlotte residents concerned about the future of the mall, and a March decision to pay $75,000 for an option to buy the property where retailer Belk once operated.
That move gives the city the option of buying the property for $3.5 million.
The $227.2 million bond package is the most the city has put on a ballot in at least 12 years.
In most cases a bond measure means a property tax increase. But not in this instance, says Ruffin Hall, a budget officer with the city of Charlotte.
“The proposed November 2008 and 2010 bond referendums are funded without a property tax rate increase,” Hall said.
He says that’s because the city already has enough revenue projected to pay for the bonds.
Learn more
Find more details about the plans for Eastland Mall at http://eastlandredevelopment.charmeck.org.
