Partnerships between public and private entities have become increasingly important in the pursuit of mutual benefits. The benefits of a public-private partnership begin with the bottom line. From a public sector perspective, the bottom line relates to tangible public benefits that can impact quality of life for taxpayers such as more parking, open space, new and/or improved sidewalks and improved streetscapes. The private sector benefits from the conveyance of public sector assets that allow a project to be completed, such as cash, right-of-way or land. The conveyance of public sector assets can be supplemented by technical assistance that the City of Charlotte can provide.
Public-private partnerships are an important component of Charlotte’s overall growth and success. Charlotte has a rich history of implementing successful public private partnerships, allowing the City to not only influence key elements of a development project, but also enhance the benefits and amenities built to be enjoyed by the greater community. We have established a successful track record of identifying opportunities to leverage private investment to facilitate economic growth and help shape our city. We have a strong reputation for creating effective public-private partnerships and collaboration with a variety of non-profit agencies to enhance the business climate and support existing businesses.
The City uses Tax Increment Grants (TIG) as a public-private partnership tool to advance economic growth and land use planning goals. A TIG does not require the establishment of a district, as generally required by traditional Tax Increment Financing (TIF) tools.
TIGs are provided on a reimbursement basis only, and the project must demonstrate its benefit to the general public. Examples of reimbursable improvements through a TIG include, but are not limited to, new public infrastructure such as roads, streetscapes, and parking decks. A TIG may also be employed to assist in gap funding for developments shown to achieve the City’s goals and objectives (e.g. affordable and workforce housing, job creation, etc.) but would not be financially feasible without assistance from the City.