TO: Mayor and Members of City Council
THRU: Kelly Olivera, Assistant City Manager
FROM: Christopher Cauley, MPA - Economic & Community Development Director
Derrick McArthur - Economic Development Manager
DATE: February 12, 2024
RE:
Title
Cool Spring Downtown District, Inc. Second Quarter Fiscal Year 2024 Report
end
COUNCIL DISTRICT(S):
Council District(s)
District 2 - Council Member Malik Davis
b
Relationship To Strategic Plan:
Goal II: Responsive City Government Supporting a Diverse and Viable Economy.
• Strategic Objective 2.1: Ensure a diverse City tax base.
• Strategic Objective 2.2: Invest in community places to ensure revitalization and increase the quality of life.
• Strategic Objective 2.4: Sustain a favorable development climate to encourage business growth.
Goal IV: Desirable Place to Live, Work, and Recreate
• Strategic Objective 4.5: Ensure a place for people to live in great neighborhoods.
Goal VI: Collaborative Citizen and Business Engagement.
• Strategic Objective 6.2: Ensure trust and confidence in City government through transparency and high-quality customer service.
• Strategic Objective 6.3: Inform and educate about local government by enhancing public outreach and increasing community dialog, collaboration, and empowerment.
Executive Summary:
In accordance with the agreement between the City of Fayetteville (City)and Cool Spring Downtown District (CSDD), CSDD has submitted its Quarterly Report for review.
Background:
On July 1, 2023, the City and CSDD entered into an agreement to provide Enhanced Services for an Arts and Entertainment Focused Downtown Municipal Service District (MSD). The Enhanced Services for an Arts and Entertainment Focused Downtown MSD contains five service elements: Economic Vitality and Development; Art and Design Enhancements; Promotion and Marketing; Special Events and Programming and Partnership, along with Organizational Support and Conflict Resolution.
Issues/Analysis:
Several key items to note are present in the Quarterly Report:
• Five (5) new businesses for a total of 11 created to date.
• Over 1,000,000 gross square footage of ongoing business expansions and infill projects.
• 245 planned new residential units.
• Almost $500 million in public and private investment planned.
Budget Impact:
There is no impact on the budget as funds for this project were approved for the 2023 fiscal year from the revenues generated by the MSD property tax rate and a transfer from the general fund. Funds are still available.
Options:
1. Accept the Quarterly Report on the MSD from CSDD.
2. Direct the City Manager to bring this item back to a future City Council Work Session.
Recommended Action:
No action required.
Attachments:
1. CSDD Quarterly Report October 1, 2023 - December 31, 2023
2. March Council Presentation CCSD