Terms and Conditions
All Buyers and Sellers of real estate in N.C. are required to be given a brochure furnished by the North Carolina Real Estate Commission "Working with Real Estate Agents". You can find a copy of this brochure at the link below:
CONFIDENTIALITY NOTICE and DISCLAIMER:
This email message is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message. If you are the intended recipient but do not wish to receive communications through this medium, please so advise the sender immediately. Nothing in this communication should be interpreted as a digital or electronic signature that can be used to authenticate a contract or other legal document. The recipients are advised that the sender and Monarch Realty Co. are not qualified to provide, and have not been contracted to provide, legal, financial, or tax advice, and that any such advice regarding any investment by the recipients must be obtained from the recipients’ attorney, accountant, or tax professional.
Equal Housing Opportunity Statement:
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
All artists’ renderings are for representational purposes only and subject to variances. Finishes, appliances and furnishings depicted in artist’s rendering are not necessarily indicative of what is specified in the offering plan and not all items depicted in artist’s rendering are included in the final product or Unit purchase. Sponsor has provided these renderings for the purpose of presenting prospective purchasers with possible views from certain Units within the Building when they are completed. Sponsor cannot guarantee the view from any specific Unit nor can Sponsor warrant whether any such view will be modified based upon future construction or demolition in the area. Units will not be offered furnished. Furniture layouts shown are for concept only and are not coordinated with building systems. Sponsor reserves the right to make changes in accordance with the terms of the Offering Plan. The complete offering terms are in an offering plan available from Sponsor. Sponsor: Monarch Realty Co., 207 Fayetteville St. Ste. 200, Raleigh, NC 27601. Equal Housing Opportunity.
OVERVIEW OF THE NORTH CAROLINA BROWNFIELD PROGRAM:
The North Carolina Brownfields Program was established under the Brownfields Property Reuse Act of 1997 [NCGS 130A310.30 et seq.]. This statute authorizes North Carolina’s Department of Environmental Quality (DEQ) to work with prospective developers, (provided they did not cause or contribute to site contamination) to promote the redevelopment of urban infill properties, old industrial sites, and other types of underutilized, environmentally impaired real estate.
In North Carolina, to date just over 375 brownfields agreements (BFAs) have been recorded and over $15 billion of resulting real estate investment and development has occurred. Another 200 agreement applications are being processed at this time. Brownfields projects are located across the state, and in Raleigh they include the iconic Pilot Mills near William Peace University, new student housing at NC State, Raleigh CAM, new luxury townhouses near the Five Points neighborhood, Raleigh Union Station, and a host of other successful developments.
First and foremost, the Brownfields Property Reuse Act is a law to promote development and site reuse—it is not a cleanup program and it does not impose liability. It is recognized as a national model and considered development-friendly. It is implemented via a brownfields agreement entered into between DEQ and the prospective developer. The program was established to encourage redevelopment that may not otherwise occur due to environmental concerns.
Moreover, the program provides the following substantial benefits:
- Strong liability protection from the state in the form of a covenant not to sue. Such a covenant can increase marketability and aid in project financing, and can be transferred to subsequent owners and other stakeholders.
- Expensive cleanup actions are typically avoided and simple administrative land use covenants are used to ensure that site development and reuse proceeds in a safe manner.
- Property taxes are reduced by approximately 50% on constructed improvements for five years after redevelopment occurs, under a special tax exclusion provided by the Brownfields Program and North Carolina’s tax statutes.
As discussed above, to promote brownfields redevelopment, North Carolina enacted a provision under its taxation statutes (General Statute §105-277.13: Taxation of improvements on brownfields) that excludes a portion of the appraised value of the improved brownfields property from both city and county ad valorem taxation. Simplistically stated the exclusion applies to the appraised value of the property and improvements after redevelopment, less the prior tax assessment value.
The exclusion reduces property taxes on a front-end-loaded sliding scale for five years based on the following schedule: Year 1 - 90%, Year 2 - 70%, Year 3 - 50%, Year 4 - 30%, and Year 5 - 10%. This results in a net tax savings of approximately 50% in total over the five-year period when the exclusion applies.