RALEIGH — The General Assembly passed a bill Tuesday that allows Raleigh to extend the economic deadline for public-private land deals involving the city from five to seven years.
Raleigh requested the bill to gain more flexibility when dealing with developers who purchase land from the city. The city can now extend the five-year period by as many as two additional years if, after holding a public hearing, the City Council finds that "extraordinary economic conditions prevented the completion of the project within the five-year period."
The five-year period begins at the time a developer purchases property from the city. State law requires that local governments such as Raleigh repurchase the property if the developer fails to make the improvements specified in the contract.
Raleigh has just one public-private deal, Charter Square, where the five-year window and the two-year extension would apply.
The city sold the Charter Square development group a 1.75-acre site on Fayetteville Street in November. The group has five years from the sale date to build two towers valued at $100 million.