Since the 2003 inception of the fund, 64 businesses have been approved for loans totaling $3,619,639; 11 of these 64 loans have successfully been repaid in full. The Fund's rate of default is 6.35%. With an average loan size of $56,557, the Fund continues to serve small businesses, and particularly minority and women-owned businesses, in need of non-conventional financing for working capital and equipment.
Information Items:
Scaleybark Redevelopment Project
Staff Resource:
Tom Flynn, 704-432-1396 - tflynn@ci.charlotte.nc.us
On Wednesday afternoon, the Economic Development and Planning Committee voted to recommend that City Council authorize staff to use the next 30 days to review a proposal from Scaleybark Partners and develop a Memorandum of Understanding for City Council's consideration on May 29. That evening we received a letter from Crosland, which was also a finalist in the RFP process, proposing a framework for their purchase of the CATS and City-owned land at Scaleybark (proposal attached). Since the Economic Development and Planning Committee did not review this proposal, this item is being referred back to the Committee for further review and a recommendation.
In order to provide parking at the Scaleybark Station by November 2007 and provide certainty to the FTA concerning the $3 million from the sale of this land, the Council will be asked to provide final direction on this issue by May 29. The Committee intends to hold as many meetings as necessary to meet this schedule to Council.
In addition, Boulevard Centro (a member of the Banc of America CDC development team) was in attendance at the Economic Development and Planning Committee meeting, and later that same day verbally expressed an interest in submitting a revised proposal. They will let us know by early next week if they will be submitting a proposal.
North Carolina Legislative Update
Staff Resource:
Boyd Cauble, 704-336-2009 - bcauble@ci.charlotte.nc.us
Attached is a memo from Boyd Cauble outlining major issues that occurred this week in the Legislature.
Accessible Taxicabs - Response to Citizen Concerns
Staff Resources:
Catherine A. Zanga, Police Attorney's Office, 704-353-1063 - czanga@cmpd.org
Burhan Al-Shaikh, Passenger Vehicle for Hire Manager, 704-398-6793 - bal-shaikh@cmpd.org
Mujeeb Shah-Khan, City Attorney's Office, 704-336-5803 - mshah-khan@ci.charlotte.nc.us
On April 12, Robert Kimrey, a member of the Passenger Vehicle for Hire Board emailed the Mayor, City Council members and others with concerns about the availability of accessible taxicabs. Attached is a detailed response from Police and the Attorney's Office about the provisions in the Code, enforcement efforts and current availability of accessible taxicabs. This information will be provided to Mr. Kimrey.
Sale of City West Commons Shopping Center
Staff Resource:
AC Shull, 704-336-2439 - ashull@ci.charlotte.nc.us
The Charlotte-Mecklenburg Development Corporation (CMDC) sale and closing of the City West Shopping Center was completed this week. The sale price was $3.6 million, and required the defeasance of a HUD Section 108 principal balance of $2,136,928.24 and payment of a City
Economic Development Revolving Loan balance of $840,992.07. Funds remaining after payment of the HUD and City Loans, CMDC fees, defeasance cost, and closing expenses will be distributed to the Westover #1 LLC members in compliance with the LLC Operating Agreement.
A final accounting of the shopping center income and expenses will be made in the next 30 days, and approximately $523,000 in sale proceeds remaining will be distributed to CMDC, City West CDC (formerly Reid Park Associates), and Enterprise Community (formerly West Enterprise Community). Staff will update you on the amount of those payments.
The proceeds from the City loan will be deposited in the Economic Development Revolving Loan Fund, which will have a balance of approximately $2.0 million. These funds are available for similar commercial and retail projects along the distressed business corridors.
The development and sale of the shopping center has been a redevelopment success in placing retail services on a site that was a drug seizure by the US Department of Justice. The shopping center was completed and opened in 2003 and has experienced positive cash flow and tenants providing needed retail services to the West Boulevard community. The new owner will continue to work with the community in providing needed services and addressing issues related to the property and tenants.
Sign Ordinance Enforcement
Staff Resource:
Walter Abernethy, 704-336-4213 - wabernethy@ci.charlotte.nc.us
On Saturday, April 14, 2007, Neighborhood Development's Code Enforcement Division conducted a city-wide illegal sign sweep. The 24-hour sweep netted nearly 1,300 illegal signs. Inspectors also identified violations for possible citations and follow-up. Approximately 400 illegal signs were removed from the Providence Road / I-485 area. Most of the other corridors in south Charlotte were predominately free of sign ordinance violations, including Highway 51 and Rea Road.
Code Enforcement will continue periodic sign sweeps throughout the summer months. Citizens are encouraged to call 311 if they witness illegal signs.
