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Developer asks Hope Mills to fund half of $500,000 intersection work to unlock commercial project
Summary
Town staff reported a developer seeks $250,000 from the town to pay sidewalks, curb/gutter and a signal at Owen and Hope Mills Road; staff said Powell Bill reserves are a possible funding source and the project could yield more than $150,000 in annual property tax revenue when complete.
Drew, finance staff, told the board a commercial development plan submitted for the Owen and Hope Mills Road intersection is consistent with the land-use plan and would include office space, restaurants and chain stores.
Drew said the proposal could generate more than $150,000 a year in property tax revenue once complete, but the developer is struggling to cover required intersection infrastructure. The improvements — turn lanes, sidewalks, curb and gutter, and a new traffic signal — were estimated at about $500,000; the developer asked the town to pay roughly half (about $250,000) for sidewalks, curb and gutters so the project can proceed.
The presentation noted Powell Bill reserves (the state-designated fund for streets and sidewalks) could be used rather than the general fund. Drew framed the ask as a policy choice for the council: absorb a one-time infrastructure cost now in exchange for longer-term tax revenue from the completed development, or decline and risk losing the project.
No council decision was made during the workshop. Staff flagged the matter for further discussion in future budget planning and said it will be considered alongside other CIP priorities at the strategic budget retreat.
