Tax deal for Charlotte medical school development advances with council vote
Charlotte City Council members on Monday approved moving ahead with a $75 million public investment in Atrium Health’s “innovation district” just south of uptown.
The project calls for construction of a medical school, research buildings, a hotel, residential units, parking areas and retail spaces. It would bring thousands of jobs to the city and millions of dollars annually in tax revenue, according to the company.
Atrium still needs the approval of the Mecklenburg County Board of County Commissioners to get the full $75 million investment.
The district, planned near the corner of McDowell and Baxter streets, has produced concerns from some people in the surrounding community. Members of the Cherry Community Organization have asked council members and Atrium to take care that the project does not end up harming current residents.
In response those concerns, Atrium said it would create a community advisory council to maintain public input going forward.
“This is a once-in-a-lifetime kind of opportunity,” said Dimple Ajmera, a city council member. “But we’ve got to be sure that community voices are at the table.”
As part of the agreement, Atrium said it will donate 14 acres to Inlivian, Charlotte’s housing authority, for the development of affordable housing in NoDa. Inlivian already owns 14 acres there as well. In total, the affordable housing development will result in the creation of about 400 affordable units, according to Atrium.
In the midtown district, the company has agreed to make 800 parking spots free and open to the public during weekends and evenings. More than 100 of those will be free and accessible 24/7, according to a presentation from Atrium during Monday’s City Council meeting.
The $75 million investment would come from a combination of a $60 million tax increment grant and $15 million in bonds, which will be reimbursed. The council’s decision on Monday gives City Manager Marcus Jones the authority to negotiate and execute an agreement with Atrium, though the majority of the money would come from its agreement with the county, which has yet to be approved.
Construction is expected to begin in 2022, and the new medical school is scheduled to open in 2024.
This story was originally published November 23, 2021 at 7:43 AM with the headline "Tax deal for Charlotte medical school development advances with council vote."
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