Mixed development project planned for Belville, N.C.

Project mixes condos and retail


Then, the developer plans to demolish the DOT facility in Belville and replace it with a marina, boardwalk and riverfront park, White said.

As for the economic feasibility of the project, it's still being analyzed. A study on that is expected to be completed in September, White said.

Belville is looking for grants and considering tax increment financing to pay for its part of the project, Town Manager Tracie Davis said. Under the tax increment plan, the town would provide infrastructure such as sewer, water and road improvements for the developer by taking out bonds.

But rather than raising taxes to pay off the bonds, the town would freeze property taxes at the rate before the downtown project is built, then hope a new downtown would increase the assessed value.