To get the deal under way, Pappas asked for and received permission from the Charlotte-Mecklenburg Historic Landmarks Commission to demolish a 16,000-sf building and replace it with a 350-space parking deck. Then the developer asked the Mecklenburg County Board of Commissioners to issue $4 million in bonds from a $9-million revolving preservation fund to refurbish one of the cotton mill buildings. Now Pappas is negotiating with Morris Speizman of Speizman Industries to buy the two buildings and the land so that a September groundbreaking may be scheduled.
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