Mike Clifton: A good time to be in downtown Cary

February 14, 2014 

A good time to be in downtown Cary

A letter writer in the Feb. 2 edition said he couldn’t see the logic in Cary’s involvement with The Mayton Inn, claiming that the town is providing about $10 million in incentives. Perhaps a little clarity will help.

• The $1.4 million federal loan will be repaid to the town. Cary will make money by charging interest.

• The property loan is actually $951,000, and it is at market rate.

• Cary is selling the property to The Mayton Inn for the average acquisition cost of the entire opportunity site, not the specific purchase price for the parcels utilized.

• The waived fees are part of the developers’ equity in the project. This represents money that a general contractor would have been paid if the developers were not acting as their own contractor on the project.

• Cary would spend the $325,000 on demolition and grading regardless of how the site would be used.

• Cary isn’t providing $5 million in incentives and never offered to. Perhaps the letter writer is referring to the $5 million bank loan that will be an element of the project. That’s a private loan.

The way I see it, the town is paying $325,000 for site work that would have been required for any use on the corner. For that, we get 40 jobs and a whole lot more.

With this project, the new library and all of the other projects underway, it is an exciting time to be living and working in downtown Cary.

Mike Clifton

Cary

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