City officials have received an overwhelming amount of positive feedback since news has spread about the city’s Town Center Project (TCP). The most frequently asked questions are answered on these pages.
Q: What will be included in the TCP?
A: The development will include lofts, townhomes, cottage homes, retail and office space, city hall and an event green.
Q: What kind of retail shops will be part of the project?
A: There is not a specific list of retail businesses for the TCP yet. A study funded by the city specifically noted that there were opportunity gaps for restaurants, clothing stores and general merchandise stores in downtown.
Q: What is the anticipated start and completion date?
A: While there is not a completion date yet, city officials hope to have a master developer in place by the end of 2016, and break ground in 2017.
Q: Will taxes be going up in order to pay for the project’s
A: Residents of Holly Springs will see a decrease in taxes. The proposed tax millage rate for 2016 is 5.086 down from 5.315 in 2015.
Q: Since residents will not see an increase in taxes, how will the
project be funded?
A: Funding will come from private-sector developers pursuant to a development agreement. The City of Holly Springs has proposed using a Tax Allocation District (TAD) to fund the construction of public sector infrastructure on the site.
Q: What is a TAD?
A: A TAD uses incremental property tax revenues to pay for infrastructure improvements within the geographic boundaries of the district. All property in the Holly Springs TCP is currently exempt from property taxes. The difference between new property value and old property value is used to calculate incremental taxes. Incremental taxes collected on the TCP will be placed in a separate fund to pay the debt on the project.
Q: What are the plans to address traffic congestion problems in the
A: The city is currently advertising for proposals for preliminary engineering for the Industrial Connector that will divert traffic from Hickory Road to Holly Springs Parkway. The city also will be making improvements to the intersection of Holly Springs Parkway and Hickory Road. Motorists can expect to see construction beginning on this project as early as the first quarter of 2017.