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Council authorizes amended downtown development agreement to finish towers above Hay Street parking deck with 8–1 vote
Summary
Fayetteville City Council authorized an amended and restated Downtown Development Agreement with Fay Hay Master Venture LLC to complete mixed-use towers above the Hay Street parking garage. The city will consider a loan of up to $5.7 million for public improvements; council approved the agreement 8–1 amid public calls for affordable units and commitments to engage downtown stakeholders.
The Fayetteville City Council on Nov. 10 authorized the city manager to execute an amended and restated Downtown Development Agreement (DDA) with Fay Hay Master Venture LLC to complete mixed-use towers above the existing Hay Street parking garage and to finalize ancillary agreements necessary to implement the project.
City Manager Dr. Hewitt summarized the project history and terms: the development concept dates to the Project Home Run effort beginning in 2016 and originally involved Prince Charles Holdings (PCH). Under the amended DDA staff said the city’s financial commitment would be a loan of up to $5,700,000 for public improvements associated with completing the top of the parking deck, installing multiple elevators to ensure accessibility, and funding public pathways around the development. The developer’s package would include 124 residential units and a 119-key hotel; the agreement preserves a minimum assessed tax-value guarantee of $45,000,000 and sets an aggressive schedule with a budget set…
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