Indian Trail leaders have committed $500,000 in incentives to expedite site work of Indian Trail Town Center, which Union County’s lead economic developer says will create new tax base and redevelop the downtown area.
Chris Plate describes the project as a three-part mixed used development that is going to be a catalyst for downtown. It will have 252 apartments, 100 townhomes and 160,000 square feet of retail and commercial office space.
Plate, executive director for Monroe-Union County Economic Development, told the Indian Trail Town Council on Sept. 22 the incentives are only going toward the commercial portion, namely water infrastructure.
“The water pressure is adequate to satisfy the residential components within this development but not the commercial piece,” Plate said.
The developer plans to invest $30 million in construction and equipment of the new buildings with the potential upfit of up to $15 million within the shell of the buildings, Plate said. It could generate 175 retail and office jobs.
Plate told the council that for every dollar invested into the project, they’re getting back $7.13 over 10 years and $14 over the lifetime of the project. The developer couldn’t create the commercial project without the incentives, Plate said.
“It definitely is a defensible incentive to put forward to the taxpayers because they are actually going to be reaping significant benefits and that is just on this footprint,” Plate said. “This does not count the other benefits that will occur around it in that epicenter.”
Councilman David Cohn said he liked the project but noted the council has been talking about it for 14 years.
“There are so many things in town that we’ve approved that never get built,” Cohn said.
He wanted to know when the developers would actually start building.
Marcus Arroyo, president of Ty-Par Commercial Realty, replied there were a lot of intangibles that lead to delays. His firm has been working with the town, county and state to remove some of the obstacles.
“As of right now, we have two really good businesses that want to come now,” Arroyo said. “We want to go ahead and get those properties and pads ready as we speak.”
He said buildings could start going vertical into early 2021; however, it may take up to five years to finish the project and fulfill road improvements.
Plate assured the council the agreement has language to protect the town from losing its money if the project doesn’t meet its schedule.
“Incentives are very important to us,” Plate said. “We want to make sure we use them appropriately and have protection to the taxpayer because it is their investment.”