CONCORD, N.C. — Cabarrus County commissioners gave the go-ahead last week to a partnership with Kannapolis in its plan to finance up to $35 million for infrastructure improvements.
Since 2007, Kannapolis has sought to raise funds for roads, water lines, a pedestrian tunnel and other improvements to support the N.C. Research Campus.
The county would not be responsible for the debt, but starting in 2013 would use half of the property tax revenues collected in a special downtown district around the Research Campus for paying back the debt.
In return, the city will spend no more than $13.5 million on building a Cabarrus Health Alliance facility, slated for a plot of land to be obtained from Castle & Cooke, developer of the Research Campus.
The city still needs to reimburse NCRC developer Castle & Cooke for $6.2 million fronted for infrastructure improvements.
For more details, read the Salisbury Post report.
Get the latest news alerts: Follow LTW at Twitter.