Financing NTC Reuse
Financing the redevelopment of NTC was always recognized as the major challenge of the planning effort. The Reuse Committee and the City Council recognized that significant investment would be required. Creation of a redevelopment project area at NTC was critical to a workable financing program. The City adopted the NTC Redevelopment Project Area in May 1997. Due to the financial situation of the City at that time, as well as the cost associated with rehabilitation of the former base, it was determined that the City needed to partner with a master developer to provide the necessary funding to get this redevelopment started. The City Council, acting as the Redevelopment Agency, selected The Corky McMillin Companies. McMillin was responsible for redeveloping 235 acres of the former base. This portion of the base has been named Liberty Station and includes residential units, office space, retail and commercial space, hotel sites, an educational and cultural component, and a 46-acre regional public park.