KANNAPOLIS – The City of Kannapolis has provided a proposed inter-local agreement to Rowan County which would result in the annexation of property and extension of Kannapolis utilities to the Old Beatty Ford Road interchange on I-85.
Louisiana-based Commercial Properties Realty Trust has approached Rowan County and City of Kannapolis officials regarding a large mixed-use development (medical, office, commercial and residential) which would be located on 318 acres of property at the Old Beatty Ford Road interchange on I-85.
The proximity of the property to the city— the property is located approximately one mile from the current city limits of Kannapolis— and the topography of the land were two determining factors leading to the arrangement for the city to provide the utilities to this site.
“The extension of water and sewer lines to the interchange would enable the city and southern Rowan County to have another economic development opportunity in this area,” said Kannapolis City Manager Mike Legg. “We view this location as a potential major economic anchor and job creation node in our city and in southern Rowan County. Interstate interchanges are limited in number; and by their very nature, companies and real estate investors are attracted to the vast opportunities they present.”
“This should be very beneficial for all of us – Kannapolis, Rowan County and our neighbors in Landis and China Grove. This is an opportunity for the municipalities to market the area to potential companies who would bring jobs and economic opportunities to our cities. Having utilities at the site gives us an economic advantage at this location,” said Kannapolis Mayor Darrell Hinnant. “We appreciate the Rowan County Board of Commissioners and our southern Rowan County neighbors working with us to ensure we bring this economic development project to Rowan County.”
As part of the agreement Rowan County will pay the City of Kannapolis $1 million in cash, forego the remaining debt that exists for the previous purchase of the current Intimidators Stadium and work with the City to provide tax incentives to qualifying companies who would create jobs at this interchange. These commitments are designed to help support the City’s cost of the extension of the utilities.
In return the City of Kannapolis will extend water and sewer service to the site after annexation of the property is complete. A pending Development Agreement between the City of Kannapolis and Commercial Properties Realty Trust will define time frames, the financial commitment of the developer, development plans for the property and other details of the project. It is anticipated that the project will result in substantial private investments occurring in southern Rowan County.
Rowan County Commissioners voted to approve the agreement at their meeting on November 13. The Kannapolis City Council will vote on the agreement at their meeting on Monday, Nov. 26.