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Cary board approves Maplewood redevelopment agreement in TIF District after extensive public comment
Summary
The Village of Cary approved a redevelopment agreement for the Maplewood site in Central Cary TIF District No. 3. The plan calls for phased demolition and mixed residential development, a projected $95 million development budget and a developer reimbursement cap of $12,350,000; trustees approved the RDA by roll call after developer presentations and resident concerns about density, traffic and public services.
The Cary Village Board on Jan. 12 approved an ordinance authorizing a redevelopment agreement (RDA) with JM Developers for the Maplewood property in Central Cary TIF District No. 3. The board's action authorizes the village to enter a binding contract that, if followed by zoning approval, will allow phased demolition and construction of a mixed residential development.
Village staff and the developer presented the financial and physical terms. Director Brian Simmons said the village acquired the property from School District 26 under an August 2024 intergovernmental agreement for $2,750,000 and provided roughly $2.7 million to relocate the bus transportation center. Simmons described a development budget of about $95,000,000 with projected tax increment of approximately $36,500,000 over the life of the TIF and anticipated annual increment near $1,800,000. "The developer share of the increment is maxed at $12,350,000," Simmons said, explaining the cap on reimbursements.
Developer representatives said the proposal calls for 13 single-family for-sale homes, 15 townhomes, 16…
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