Mecklenburg County approves tax incentives for $600 million uptown development

CHARLOTTE — Mecklenburg County Commissioners voted 7 to 1 to approve millions of dollars to help make a major uptown development happen.

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The plans for the $600 million 7th and Tryon project call for an office tower, affordable housing, a hotel and retail space. A revitalized library will also be on the site. As the name states, the development will be in the area of Seventh and Tryon streets.

The county committed to providing $15.6 million in reimbursed property taxes over 15 years, which will amount to about $1 million each year. The money will go toward parking, infrastructure, a plaza and a new bike lane.

The 7th and Tryon project is a major development for that portion of North Tryon Street. Chairman George Dunlap said the project is a long-time coming. He said a vote was delayed for two years because some commissioners wanted more information.

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“The whole area will be transformed, and I am excited we have finally dotted the Ts and crossed the Is,” Dunlap said.

Vice Chair Elaine Powell was the lone commissioner to vote no and said she had concerns about the project.

The city of Charlotte is expected to chip in $8 million in reimbursed taxes as well. A vote is expected in the coming weeks.

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