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. Some uses proposed in the plan represent opportunities to help finance the reuse effort. Creation of a redevelopment 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 this time, as well as the cost associated with rehabilitation of the former base, it was determined that the City would need to partner with a master developer to provide the necessary funding to get this Project started. The City Council selected the Corky McMillin Companies. McMillin is 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.