A $250 million racial equity pledge could transform Charlotte. But there are questions.

Charlotte is one of North Carolina’s great success stories, an economic powerhouse that continually ranks among the fastest-growing cities in the United States. Now, the city is zeroing in on a big question: What about the people we left behind?

Mayor Vi Lyles announced Monday a $250 million initiative for racial equity — the largest such investment in Charlotte history. The Mayor’s Racial Equity Initiative is a public-private partnership between the city and some of Charlotte’s biggest corporations.

The quarter-of-a-billion dollar investment will be aimed at several key “workstreams,” including bridging the digital divide, investing in the city’s six Corridors of Opportunity and transforming Johnson C. Smith University, Charlotte’s only historically Black university, into a top-tier HBCU. Of the $250 million, $196 million has been raised so far, including $80 million in public dollars and $97 million in private philanthropy, thanks to significant contributions from Bank of America, Lowe’s and Atrium Health, among others.

The city certainly has a lot to atone for when it comes to racial equity. Beneath the veil of economic prosperity lies an ugly, painful history of systemically disadvantaging and underinvesting in Black and brown communities. The destruction of Black neighborhoods like Brooklyn through urban renewal, as well as harmful policies of redlining and restrictive covenants, have yielded significant inequality among Charlotteans. Reports show glaring racial disparities in wealth and educational attainment, and despite the city’s growing affluence, Charlotte still lags other major U.S. cities in terms of economic mobility — meaning that children raised in low-income households have a poor chance of escaping poverty.

That history can’t be erased, but its effects don’t have to last forever.

Lyles called the investment a “defining moment” for Charlotte — but some residents are wary, and we don’t blame them. Lyles and the Charlotte Executive Leadership Council began planning the initiative in the wake of the 2020 police killing of George Floyd, and they’ve since been criticized for a lack of transparency and public input. Advocates have questioned whether corporations who have been enriched by an unjust system are truly able to help those whose lives have been destroyed by it.

But it’s also true that any comprehensive approach to racial equity must involve a commitment from the corporate community, whose leaders are among the most powerful and influential people in Charlotte. For decades, corporate Charlotte has too often operated separately from — and sometimes oblivious to — what’s happening in many of its communities. This initiative must be driven by meaningful collaboration with the communities it’s intended to help. If money is spent using real public input and accountability, it has the potential to make a substantial difference. We’re especially encouraged by the effort to reach the more than 50,000 households who lack internet access, as well as the inclusion of JCSU as a central player.

“It’s been one of those days that can change the course of our lives in our city,” Lyles said at a news conference Monday.

That doesn’t feel like an exaggeration. We still have questions (Who decides how the money is spent? How will its progress be tracked?) but this initiative is one of the city’s most significant steps toward a better, more inclusive Charlotte. It may not be perfect, but it’s important. The city’s big pushes haven’t always yielded big results, but we hope this one can be meaningful.