As described by Carolina Investment Properties CEO Robin Team, who added that the “public-private partnership” will be less costly than other proposed megasites in Guilford County (Project Haystack) and Randolph County.
But keep reading:
Under the public-private partnership, the landowners of 500 acres have pretty much agreed to — in return for a share of profits once the properties were sold — contribute their land at today’s appraised value to nonprofit entity Davidson Progress, which will manage the development of the park along Interstate 85.
Meanwhile, the city has graciously agreed to extend sewer and gas to the park at its expense, Team said. And the county has agreed to provide interest-free and/or interest-deferred loans that are available though various federal and state programs to help put the rest of the infrastructure in place.
Under the partnership’s plan, the county will not have to purchase the land, the city gets its money back from the extension of sewer and gas and the landowners will probably be able to double the value of their land.
“In my opinion, it is a win win win win win,” he said.
How gracious of the City of Lexington (taxpayers) to take on that expense. Dirt is scheduled to turn on the project by the end of ’14. We’ll see if it plays out the way Davidson Progress envisions it. Only so many megasites are necessary in an economy that show no sign of heating up, at least over the next three long years.
