AR_Archive

Successes
In FY01, the City achieved the following:

  • Initiated a $735 million airport expansion plan, completing a four-gate addition to Concourse A and starting construction on a nine-gate expansion of Concourse D for international flights.  Construction also began on a new 26-gate Concourse E for commuter flights.
  • Increased adult job placement by 360% from 230 in FY00 to 1,057.
  • Helped create or expand 10 businesses with the Equity Loan grants.  These businesses created 49 new jobs.
  • Led revitalization efforts along business corridors resulting in the creation of 10 new businesses in five corridors:  Plaza/Central, North Charlotte, Seventh Street, Morehead Street and SouthEnd.
  • Awarded 15 facade improvement grants, seven infrastructure improvement grants and four grease trap grants to businesses.  All seek to improve the overall appearance and operation of small businesses.
  • Realized an increase in property value of more than $373 million as the result of new development along the trolley corridor.  This results in an annual net gain of $4.5 million in combined City/County property tax revenues.
  • Leveraged $28.9 million in private investment for new home ownership and new business development with only $3.5 million in public investment through housing and business development programs.
  • Partnered with USAirways to build a $10 million line maintenance facility at the airport, creating 100 new jobs.
  • Developed a five-year capital investment plan totaling $2.7 billion, the largest infrastructure investment plan in the City's history.  Investments supporting economic development account for 53% of the plan.

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Challenges
The City continues to face a number of challenges in this area, including:

  • continuing to compete with regional neighbors for jobs and businesses currently located in Charlotte.
  • keeping a significant manufacturing presence in Charlotte despite a year-long downturn in that economic sector.
  • ensuring the survival of Charlotte/Douglas International Airport as a hub airport.
  • developing a strategy and tools for addressing current and future big box development and reuse.

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Economic Impact * of Development Along the Trolley Corridor

Property/Developer

Value of New Development

Previous Value of Property

Westin Convention Center Hotel

$140 million

$5.1 million

Summit Grandview

$70 million

$440,520

The Arlington

$50 million

$355,950

Lincoln Harris

$36 million

$1.4 million

SouthEnd Square

$26 million

$1.7 million

Factory South

$16 million

$249,400

3030 South Boulevard (Crosland)

$15 million 

$1.9 million

Camden Square (Pikes)

$4.9 million

$1.5 million

Tomkins Toolworx

$5 million

$1.03 million

Steel Yard

$4.5 million

$2.9 million

Browder-Harris (Jillians & Guytanos)

$4.2 million

$1.2 million

Camden Row

$3.75 million

$182,310

Eckerd's

$1.1 million

$$665.220

Seventh Street Station

$1.08 million

$397,890

Dixie's Tavern

$626,320

$383,378

 

 

 

Total

$ 393 million

$ 20 million

* Based on City/County property tax

 

 


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