AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE
title
2025 Glen Lennox Annual Compliance Report
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT
Corey Liles, Zoning Administrator, Planning Department
STAFF RECOMMENDATION
Receive the report.
body
PROCEDURAL CONTEXT
The Glen Lennox Development Agreement (DA) requires that the Developer Owners submit a yearly written report detailing all previously issued DA Compliance Permits (DACPs), installed infrastructure, financing of public infrastructure, dedications and acquisitions of infrastructure, and the anticipated development schedule for the property in the upcoming year.
BACKGROUND AND CONTEXT
The report provides updates on Glen Lennox’s activity since the previous update provided on September 30, 2024:
• No new DACPs were issued, but pre-application conversations around Block 3 development are ongoing.
• Infrastructure updates: No updates for the reporting period.
• Upcoming projects: The developer anticipates that Hamilton Road realignment, NC 54 infrastructure, Block 3 commercial/multifamily, and Link Apartments Calyx II construction will all begin in the next year.
• Renter vesting: 8.6%, or 72 renters, are now vested in their monthly rents. Long-term residents (5+ years) see rent increases tied to the Consumer Price Index.
• Traffic impact: The new daily external vehicle trips (EVT) generated by the development are well within the DA's maximum allowance of 17,557.
FINANCIAL IMPACT
The completion of projects will continue to increase property tax and sales revenue from the Glen Lennox Development.
ATTACHMENTS
• Glen Lennox Development Agreement, 2024-2025 Annual Report
end