We've always believed the city's investment in downtown was well-spent, and that the evidence is on the ground for everyone to appreciate.
And some public investment has gone to Fayetteville Street. Examples include The Hayti Heritage Center, Phoenix Crossing shopping center, the Stanford L. Warren Library renovation and new construction at N.C. Central University.
But it's undeniable that much potential remains untapped. And it's understandable that the city was interested when it received a request for $175,000 in neighborhood revitalization funds to expand a business near NCCU.
Then the complications began. The business, at 2520 Fayetteville Street, is the current home of the Know Bookstore and Restaurant. But the bookstore's owner, Bruce Bridges, doesn't own the building. In fact, if the proposal went through, he and his business would be ejected.
Bridges' landlord, Mozella McLaughlin, wants to combine the city's money with more than $400,000 in private investment to expand the building from 2,869 to 4,712 square feet. Plans are for the new building to house a jazz cultural center and other businesses.
City Council -- and the neighborhood -- are divided on the issue, with some backing McLaughlin and some siding with Bridges. Last week, Council voted to delay the matter until next Monday.
We agree the idea has merit. There is a need for gathering places for NCCU students and faculty. It's ironic that one of the popular places is the Know Bookstore. Council should be careful about helping to kill off a successful business in exchange for an uncertain outcome.
We also appreciate that the city is proceeding with caution. The incentive wouldn't be paid until construction was complete and three tenants secured, as it should be done.
It was unfortunate that city economic development staff clouded the issue by overestimating the tax value of the finished project. After prodding by member Eugene Brown, the staff conceded that the tax value would likely be $343,435, not $657,200 -- a significant difference.
From our perspective, it would be better if Bridges and McLaughlin could work out an arrangement that would allow him to stay and run the new business. That would keep Bridges in business, give McLaughlin her expansion and give the neighborhood its new gathering place.
The city is right to move carefully on this one.
