The agreement carries with it a $50 million private investment that will bring 294 residential units, 151 of which carry workforce rent rates that make them more affordable.
The Cabarrus County Board of Commissioners voted unanimously at Monday’s meeting to approve an Economic Development Incentive Agreement with the city of Concord for a proposed residential and retail development downtown.
“This project will transform three unused publicly owned properties into mixed-use buildings which will contribute toward downtown Concord revitalization,” Concord Mayor Bill Dusch said. “It will help the downtown economy thrive by creating more jobs and opportunities as well as expanding our city and county tax base.”
With the unanimous vote, the county has agreed to a 10-year agreement with Concord, with payments based on the actual increase in tax value for the parcels being developed.
The agreement carries with it a $50 million private investment that will bring 294 residential units, 151 of which carry workforce rent rates that make them more affordable.
With the unanimous vote, the county has agreed to a 10-year agreement with Concord, with payments based on the actual increase in tax value for the parcels being developed.
“This project will transform three unused publicly owned properties into mixed-use buildings which will contribute toward downtown Concord revitalization,” Concord Mayor Bill Dusch said. “It will help the downtown economy thrive by creating more jobs and opportunities as well as expanding our city and county tax base.”
