F1. What incentives are available for the project?
Infrastructure assistance of $30 million of public funding for the right project, with flexible application (parking, infrastructure, etc.) is available. Other incentives are negotiable as allowed by North Carolina law. The property is located within an approved Opportunity Zone.
F2. Was the $30 million incentive allocation for infrastructure/parking based on any plan?
The City has studied underground parking on the site and the report is on the project website. However, no plan has been developed or approved for the $30 million in public assistance. There is flexibility for use but it is expected to be used for infrastructure such as parking , hotel-convention center connector, etc.
F3. Does North Carolina have a C-Pace program?
No, not yet. Read more about Commercial Pace Financing updates and progress.
F4. Has the convention commission approved the project?
The commission has had extensive discussion on this project including their involvement in the Destination Strategic Plan, which outlined the path for future growth of the convention center and a convention hotel. The commission was also involved and supported the allocation of hospitality funds including the $30 million public incentive for hotel parking/infrastructure. The commission reviewed the project RFI before it was released and sent a statement of support to City Council. The commission will continue to be engaged in this project. They are very committed to the success of the convention center.
F5. Are the available $30M incentives ensured to all respondents at a level of predictability so as to safely incorporate them into our project underwriting?
The $30M in allocated funding is to be used for hotel parking or infrastructure. To the extent a respondent’s proposal incorporates those elements, those funds may be used in project underwriting.
F6. Have the governmental stipulations required to maintain the OZ status been determined, including specific behaviors and or timelines from a developer?
No. Benefits of being located in a target census track that qualifies it for the Opportunity Zone status are those of the developer and not of the City of Raleigh. The City advises interested teams to seek their own professional guidance on the Opportunity Zones program.
F7. What is the process to apply for the $30M incentives?
The $30 million is funding approved and allocated by Wake County and the City of Raleigh for parking/infrastructure improvements to facilitate the construction of a convention center hotel on the site. At a minimum, commitment of the funding to support the hotel project will require the approval of the City Council through authorization of the City to enter into a development agreement with the selected development team. Additional steps or approvals may be required based on the proposed use of the funds.