(a) BID Fee Mitigation Program and Purpose. To support, encourage and advance the timing of construction of new development that significantly advances and supports the six policies for Cary’s Downtown (“Downtown Policies”) set forth in the Imagine Cary Community Plan (“ICCP”), the Town may itself pay BID Fee Mitigation for any development, redevelopment, or reuse project (“Development”) in Cary’s Downtown Business Improvement District (“BID” or “Downtown”) that would
otherwise be required to pay Development Fees (as defined herein).
(b) Eligibility. To be eligible for BID Fee Mitigation the Developer must demonstrate all of (i) through (v) that follow:
(1) the Development for which the BID Fee Mitigation is proposed is located within the BID;
(2) if the developer is not the property owner, the developer must demonstrate it has a legally enforceable right to acquire and develop the property that constitutes the Development;
(3) the Development must be the subject of a Development Agreement between the developer and the Town;
(4) the Development Agreement must provide for payment of BID Fee Mitigation by the Town;
(5) the Development Agreement must address Development of the property in a manner that meets or addresses at least one of the following:
a. is consistent with and advances the ICCP vision of a vibrant, sustainable, and pedestrian-oriented Downtown;
b. has an emphasis on office, denser residential, retail, entertainment and/or civic uses;
c. meets to an acceptable degree one or more of the Downtown Policies, including:
1. highlights and complements the character of the ICCP Downtown Subarea in which it is located through architectural design and public art;
2. contributes to a common identity for and experience in Downtown, including framing the streetscape and helping to define the unique character for the ICCP Downtown Subarea in which it is located;
3. increases connectivity and cohesion between Downtown Subareas;
4. supports a multi-activity destination with parking and related infrastructure for biking, walking, transit and driving; or
5. includes a range of uses.
BID Fee Mitigation means the payment by the Town of all or a portion of the Development Fees for an approved Development.
Development Agreement means a Reimbursement Agreement as defined in LDO section 3.24; a façade improvement agreement; an agreement authorized by G.S. Chapter 158, Article 1; Chapter 160D, Article 10; or 160D-1315; or any agreement approved by Council.
Development Fees means utility system development fees; transportation development fees; and/or in the case of multi-family residential development, multi-family recreation fund payments.
(d) Payment. Payment for approved BID Fee Mitigation and other terms and conditions of the BID Fee Mitigation shall be in accordance with the Development Agreement.
(Ord. No. 2020-Code-02, § 1, 8-20-2020; Ord. No. 2021-Code-02, 6-24-2021)