Agenda - 08-17-1993 - VII-B - Laserfiche WebLink

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• Concept Proposal for an Economic Development Project I. Parking Lot The Midway commercial district of Chapel Hill-Carrboro was once thriving with some 90 success- ful black-owned businesses. Decay and decline set forth its adverse impact and reduced that number to approximately 17, and almost totally eliminated parking in the area. The congregation of three anchor churches, a funeral home,the Masonic building,the Midway building and other traffic activities has promoted the drastic need for parking in the general vicinity of Rosemary Street and Merritt Mill Road. Two adjoining vacant lots, one in Carrboro and the other in Chapel Hill, located at the corner of Rosemary Street and Sunset Drive(map attached)have unofficially been used as a parking lot. The lot in Carrboro is zoned commercial and has an out-of-town owner(New York). The lot in Chapel Hill is zoned residential and is the property of the Town of Chapel Hill. Both lots would require extensive groundwork that may include acquisition(lease/purchase/gift), zone change, site descriptions, annexation,landscaping,insurance and taxes. On the Carrboro lot the owner may be willing to sell or lease to the non-profit at a very nominal cost. The Town of Carrboro would therefore be requested to level, gravel, insure and pay the taxes. The ideal situation would be ownership by MDC in one jurisdiction which will require annexing to Chapel Hill with plans for mul- tiple purposes both short and long term. The Chapel Hill portion would necessitate a zone change whereas MDC would facilitate. Again, transfer of ownership would be ideal whether free or from innovative financing that may include CDBG. Similar funding may be used for site improvement. This entire process should not exceed eighteen months, depending on the magnitude of intricacies involving the governmental processes and procedures. The project would not only offer a great service to present businesses and institutions, but would also serve as an attraction and stabilizing ingredient for other businesses and ventures. Moreover,imme- diate success would be bestowed upon the corporate image of MDC, and a track record for positive development would be put in place. II. Revitalization of the Graham Street Area The Graham Street Area including Merritt Mill Road, North Graham and Roberson streets between Franklin and Rosemary streets, would be the perfect blacks to effectuate and commence a revitalization project for MDC. It would serve as a pilot to implement present, new and innovative community eco- i' 3