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MCDC pledges up to $3.5M for qualified Cotton Mill District infrastructure projects
Summary
Cotton Mill Partners sought $13.6M for infrastructure in the Cotton Mill District. The board proposed a two-year, project-by-project reimbursable commitment not to exceed $3.5 million to support qualifying off-site utilities and related work.
Cotton Mill Partners requested $13,620,896.11 for infrastructure related to the Cotton Mill District development. Board members and staff discussed what infrastructure qualifies under statute and how much of the request could be supported by other city funding streams such as CIP and TIRS boundary adjustments.
The board chair proposed a targeted approach: MCDC would commit up to $3,500,000 to qualified reimbursable projects over a two-year period, focusing on off-site utilities (water, sewer, stormwater) and roadwork that supports commercial development. Developers were told to submit discrete project requests, which a committee would review and recommend. The motion to commit up to $3.5 million was made and seconded; staff agreed to supply a statutory-eligibility list to guide which infrastructure items would qualify for funding and reimbursement.
