Cornelius commissioners on Monday night delayed until this afternoon (Tuesday, April 22) consideration of a rezoning request for the proposed $516 million Village at Lake Norman project. The move came at 11:20 p.m., after the board had listened to more than 3 1/2 hours of statements by opponents and supporters and testimony from the developers and town staff.

The board will reconvene the hearing on the project at 5:30 p.m. today at Town Hall on Main Street in Cornelius.

The project, on about 105 acres off Highway 21, is one of the biggest ever in the Lake Norman area and could have broad implications for the region’s economy, employment, planning and transportation. It would include more than 2 million feet of offices and retail stores, two hotels and 400 luxury condos. (See our Monday preview, “Cornelius board to vote on giant project”)

The developer Cornelius Bromont, a partnership of an Arizona developer and a Huntersville company, are offering to help with a list of road improvements, including widening I-77.
Mayor Jeff Tarte announced the decision to delay after a break in the proceedings. He said the board had unspecified matters to consider in closed session before the public meeting can continue. And he told the developers that the board would make a decision Tuesday, in time – if commissioners approve the project – for the developer to keep to a planned project schedule.

Specifically, the developers want to meet a deadline for getting the proposed road improvements onto a list of priority road projects at MUMPO – the Mecklenburg Union Metropolitan Planning Organization.

CONDITIONS FOR APPROVAL

On Monday night, the board and town staff reviewed a list of 72 conditions negotiated with the developer, including a timeline for annexation of the property; park and open space requirements; transit and transportation issues; contributions of money or services for a fire station and other town needs; architecture; landscaping; and major road improvements – including the developer’s offer to help speed up the widening of I-77 and construct a new Exit 27 at Westmoreland Road.

It was the first time the public had a chance to see a comprehensive list of conditions, though some issues have been discussed in previous meetings over the past several months.

Town Finance Director Jackie Huffman explained the complex financial assumptions that will go into a yet-to-be-negotiated agreement on how the road improvements will be financed. She boiled down the calculations into a one-page sheet handed to commissioners that spelled out the anticipated tax revenues from the project ($5.7 million a year) and how they would be allocated to cover town expenses, the developer’s debt for some road improvements, and debt that Mecklenburg County would incur to help widen I-77.)

Commissoner Eddie McNeely asked Ms. Huffman what would happen if a 2009 tax revaluation led to a large increase in property values – say 30 percent. In that situation, he said, the town would like to cut the property tax rate by an equivalent amount to keep tax revenues neutral. How would the lower tax rate affect assumptions about future revenues from the Village at Lake Norman? He tried several times to rephrase his question so staff and fellow board members would grasp his point: Would the town have to keep the tax rate on all property owners higher than desired to maintain revenue levels from the project to fund town services and pay off debts related to all the road work?

The answer: The developer has agreed that if the tax revenues of the property are not enough to continue funding town services – for whatever reason – the developer will make up the difference.

PROS AND CONS

Earlier in Monday’s meeting, supporters and opponents traded statements about the project.

Cory DeMarco asked the board to vote yes, saying the developer’s promise of road improvements gave the town a chance to fix problems. “It makes sense for us to clean up a lot of past mistakes,” he said. And he argued, “If we don’t go forward, we’re going to have a hodge-podge” of development on the site.

Gerard Thomas showed a slide presentation with photos of people and buildings in the old part of Cornelius, and said, “I’m a Cornelius resident in search of community.” He worried that the project would destroy the old part of town. “The historic business district is going to change dramatically.”

There were even dueling petitions. The developer’s lawyer noted that an online petition in favor of the project has drawn 186 responses in the past two weeks. Opponent Mark Puckett, who lives on Floral Lane nearby the site, said his own anti-Villages petition has drawn a similarly long list of supporters. As of late Monday, it had 161 signatures.

Ron Kelly said he’s been studying the development plan carefully and says there are too many unknowns and too many risks. He urged the board to vote down the project despite the tantalizing offer of I-77 improvements. “Let’s not drink the I-77 Kool-Aid. Let’s learn from the past,” Mr. Kelly said.

State Rep. Thom Tillis turned that around, arguing that the offer of road work was a big incentive. “I think I drank the I-77 Kool-Aid,” Mr. Tillis said. “We simply are not going to get the additional currency we need to improve our roads.”

DEVELOPER OFFERS NEW CARROTS

The developers unveiled several new concessions and carrots Monday.
In response to concerns about a new east-west connection and “flyover” of I-77, project manager Josh Rector said the developer has agreed to acquire the land needed to extend Bailey Road from its current elbow near the Oakhurst development to Highway 21. He also has arranged to acquire land for the road. And he would provide land and help design a new firehouse, at the curve in Bailey Road.

On the other side of I-77 where the new crossing would continue, Cornelius Bromont will connect the road to Northcross Drive in Huntersville. They also offered to put up a $3 million bond to pay for an eventual road connection to Westmoreland Road.

With vacant retail space visible throughout the region, including Cornelius and even Birkdale, some board members have been concerned about what would happen if a tenant abandoned a big box store planned for the site. Cornelius Bromont agreed if that happens, the developer will purchase the building and redevelop it.

The developer also has offered to grade and seed four new sports fields that are planned at a new Westmoreland Athletic Complex west of I-77. And the developer pledged a donation to Habitat for Humanity to build infill housing in Cornelius. That came in response to concerns that the development will offer upscale housing and high-end retail, but create many low-wage retail and service jobs.

All those offers will be in writing, and would be required as conditions of approval, if the board decides to go ahead with the project.

LINKS
Village at Lake Norman project website.

Town of Cornelius project page, with site plan and planning staff analysis of the project

DavidsonNews.net’s David Boraks produced a 4½-minute radio feature on the project for WFAE-FM, 90.7. It’s available online at WFAE.org