A plan by Bissell Cos. to improve roadway infrastructure in the Ballantyne Corporate Park area in exchange for synthetic tax increment financing has been sent to the Mecklenburg County Board of Commissioners’ economic development committee.
Commissioners voted Tuesday to forward the plan to the committee.
Bissell is proposing a public-private partnership to complete $11 million in road improvements by the end of 2014, company President Ned Curran said. The project would coordinate with the North Carolina Department of Transportation’s plans for the widening of Interstate 485 near Johnson Road, a highly congested area, he said.
The project would include construction and improvements to North Community House Road and a bridge spanning I-485.
Bissell has also filed a rezoning petition that would allow the company to increase the amount of office, hotel and residential development in the 535-acre corporate park. That petition likely will be heard during a July rezoning hearing of the City Council.
The TIF would essentially reimburse the company during a 15-year period if the project generates enough increased tax revenue.
The project needs city, county and state approval.