A good time to be in downtown Cary
A letter writer in the Feb. 2 edition said he couldn’t see the logic in Cary’s involvement with The Mayton Inn, claiming that the town is providing about $10 million in incentives. Perhaps a little clarity will help.
• The $1.4 million federal loan will be repaid to the town. Cary will make money by charging interest.
• The property loan is actually $951,000, and it is at market rate.
• Cary is selling the property to The Mayton Inn for the average acquisition cost of the entire opportunity site, not the specific purchase price for the parcels utilized.
• The waived fees are part of the developers’ equity in the project. This represents money that a general contractor would have been paid if the developers were not acting as their own contractor on the project.
• Cary would spend the $325,000 on demolition and grading regardless of how the site would be used.
• Cary isn’t providing $5 million in incentives and never offered to. Perhaps the letter writer is referring to the $5 million bank loan that will be an element of the project. That’s a private loan.
The way I see it, the town is paying $325,000 for site work that would have been required for any use on the corner. For that, we get 40 jobs and a whole lot more.
With this project, the new library and all of the other projects underway, it is an exciting time to be living and working in downtown Cary.