The Public Private Partnership (P3) model, which is authorized by the General Assembly, guarantees the county has final approval in how the entire project and block is developed. Not only would the county be able to direct the public facility and uses on the site, it is also able to determine how the remaining land is used.
The planned P3 for this site would have brought specific private investment to include new retail space, apartments with workforce housing, and a hotel. It outlined a minimum private investment of $30 million – which would add to the tax base, room occupancy tax, municipal services district revenues and sales taxes. With this approach, the county could guarantee the entire block is a compatible with the public purposes on the site and fit the county’s vision, and that it was built out in a timely way that benefits the general public.
The lease agreement for this partnership was not approved by the Local Government Commission, so the county will now make a determination of how to proceed with the block's redevelopment and potential private investment.