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Village At Lake Norman Developers Clarify Infrastructure Funding, Address Community Feedback

Village At Lake Norman Developers Clarify
Infrastructure Funding, Address Community Feedback

CORNELIUS, NC – Developers of The Village At Lake Norman, a new
mixed-use center to be built in southern Cornelius, N.C., have
clarified plans for infrastructure financing and addressed community
feedback, in anticipation of a workshop at 6 p.m. Monday with the Town
of Cornelius planning board.
"Feedback we have received through our website,

www.CorneliusBromont.com, has been generally very positive and
supportive, but we've also seen a need to clarify our plans for tax
financing and other details," said Josh Rector, project manager for the
developer, Cornelius Bromont, LLC, of Scottsdale, Ariz., and
Huntersville, N.C.
"We are working with the Town of Cornelius, Mecklenburg County, and
other officials on an agreement which would allow us to use a portion
of the property taxes generated only by The Village At Lake Norman – no
other properties would be involved – to pay for costs of the major
transportation improvements that we propose to build in the near
future," Rector explained. "Some people have the mistaken idea that we
would ask the Town to increase property taxes on all residents, which
is totally incorrect. This will not increase any citizen's property
taxes but greatly enhance everyone's quality of life with better roads
improved very soon and not in 2020, 2030 or later."
"Our planned transportation improvements, which will benefit everyone
in the area, include:
• Widening I-77 from two lanes in each direction to three, from south
of Exit 23 in Huntersville, all the way to Exit 28 in Cornelius,
reducing congestion and aggravation, saving time and gas
• A new Exit 27 at I-77 and Westmoreland Road allowing direct access to
the community and the Village At Lake Norman
• A new fly-over bridge, extending New Bailey Road through the Village
At Lake Norman and over the interstate, improving the ability of
residents to cross I-77
• Widening of US 21/Statesville Road to 5 lanes with a landscaped
divided median – turn lane combination for improved traffic flow
• Improvements on Westmoreland Road to enhance east - west flow
• Adding turn lanes and signal improvements in numerous locations."
"All planned road improvements are contingent upon approvals of the
Village At Lake Norman by officials at town, county, region, state and
federal levels. And without approval of the Village, there are no
plans or funds currently available to widen I-77," Rector said.
"We estimate the proposed transportation improvements will cost in
excess of $56 million," he continued. "We are working on agreements
such as a Certificate of Participation (COP) which would allow the
funding to cover transportation improvement costs during the two-year
construction period, roughly 2010-2012, then partial repayment using
new property taxes generated by our project alone over a 20-year
period."
Another subject which has generated some feedback through the website
concerns the retail tenant mix, Rector added.
"It is true that we have spoken to both Target and Best Buy. However
we have not executed any lease agreements," he said. "Large retailers
such as Best Buy and Super Target are needed to draw consumers to the
project, benefiting the smaller shops and providing everyday services.
The mix of retailers selected for this project will indeed be of the
quality like those you find at SouthPark in Charlotte.
"When discussing the Charlotte market with retailers, they feel this
project is perfectly spaced from SouthPark such that many of the same
quality retailers will be attracted to our project. But most
importantly we know from our over 30 years of retail development and
management experience that small shops do not draw enough customers to
support a major project on their own without the support of nationally
recognized retailers, who tend to advertise much more.
"You'll find a very nice Target and Home Depot in central Charlotte
next to the new Metropolitan development (the former Charlottetown Mall
location) and many other high-end mixed-use developments nationwide for
this very reason," he noted.
"The anchor retailers will be dispersed at the corners of our site,
with the multi-story condominiums over ground-level, high-end retail
shops and restaurants, the luxury hotel and other premiere features in
the center of the project, clustered around the Village Green."
The Cornelius-Bromont development team will present detailed plans,
renderings and information Monday in Cornelius Town Hall. The Planning
Board meeting begins at 6 p.m. but two other cases are on the agenda,
so The Village At Lake Norman workshop will probably not start until
after 7.
For more details or to provide feedback, visit

www.CorneliusBromont.com .
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(News Contact: Buck Lawrimore, 704-332-4344, Buck @ Lciweb.com)