The City of Morganton has long committed itself to promote, stimulate and maintain a strong economy within the community. It is acknowledged that this commitment sometimes requires added public responsibility and costs during times of economic downturn. One of the ways Morganton has found to engage the private sector and encourage investment is through public-private partnerships.These partnerships create a bridge to combine economic resources of the City and private development community. This generally results in a stimulation of economic activity and private investment during slow economic times. These partnerships also promote common goals of employment and new tax base. Another dividend of these partnerships would be reduction of tension often found between developers and local regulatory government. Research has shown time and time again where the public sector and private sector work in unison with one another the final product becomes much more sound for all parties involved. The City recognizes the importance of public-private participation in the development of the community, and for that reason hereby adopts the following policy on residential street participation to stimulate economic activity.
Effective immediately the City of Morganton will make $25,000 in funds available in the current fiscal year, and consider appropriating additional funds in subsequent years, for the purpose of constructing new residential public streets where new residential development projects are proposed. These new streets must provide appropriate ingress and egress according to all current and or approved City and State dimensional design standards including drainage and sidewalk accommodations. The funds will be available until the end of fiscal year 2006-07 at which time all funds not appropriated will be used for other City purposes
The funds will be distributed on a project by project basis. Each project application will be considered by the City Council during a regularly scheduled City Council meeting. The funds will be made available on a $17.50 per centerline foot basis up to the maximum amount of funding available. Disbursement of funds will be as a final payment directly to the Street Construction Contractor or as a reimbursement to the developer upon evidence of a paid invoice.
All applications for funding must be made in the form of a written letter request to the City Manager. The letter of request must include the applicants name(s), project name, estimated project schedule, projected number of residential home sites to be created, total project costs and tax base created. The letter must also be accompanied with a preliminary design of the proposed street and a letter of commitment from all property owners whose property will be affected by the dedication of necessary street right-of-way(s).