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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