AR_Archive

• Annual Report Index
  - Tax Rate
  - Focus on Crime
  - Focus on Safety
  - Focus on Neighborhoods
  - Focus Transportation
  - Focus on Service
  - Focus on the Economy
• Challenges for the Future
• Impact of Development along the Trolley Corridor

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