City, County Taxpayers Could Be on Hook for $28 Million in Eastland Mall Project

From By Brad Broders, November 21, 2013

Taxpayers in the City of Charlotte and Mecklenburg County will be expected to foot some of the bill if the planned Studio Charlotte project is built in east Charlotte.

The ambitious plan would add sound stages, apartments and a film school on the former site of Eastland Mall.

Thursday, council’s Economic Development Committee unveiled a tentative plan for the total $296 million estimated cost.

The developer hopes to buy Eastland’s more than 80 acre property for a dollar, and receive $28 million in city and county tax reimbursements.

“There’s a cost of doing something and then there’s a cost of doing nothing, and we feel like the cost of doing something is minimal,” said Bert Hesse of Studio Charlotte.

City of Charlotte staff will present more details in January and hope to have a final proposal for the city council to consider in April.

Eastland Mall’s demolition will be complete in the spring.

Published in: on November 21, 2013 at 9:19 pm  Leave a Comment  

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