Title
Atrium Health Innovation District Infrastructure Reimbursement Agreements
Action
Action:
A. Authorize the City Manager to negotiate and execute an infrastructure reimbursement agreement with the Charlotte Innovation District Management Company for the reimbursement of costs for public infrastructure in an amount not to exceed $60 million for public infrastructure and public parking which will be reimbursed through 90 percent of incremental City and County property taxes from a designated area over 15 years, or until fully reimbursed, whichever occurs first, and
B. Authorize the City Manager to negotiate and execute an infrastructure reimbursement agreement with the Charlotte Innovation District Management Company for the reimbursement of costs for public infrastructure in an amount not to exceed $15 million for public infrastructure improvements, which is expected to be reimbursed in multiple bond referendums or payments from other municipal sources of funding.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Explanation
* Charlotte Innovation District Management Company plans to develop a $1.5 billion medical school and innovation district on approximately 26 acres along McDowell Street between Stonewall Street and Morehead Street in Council District 1. The project will occur in multiple phases with initial phase beginning in the first half of 2022 and will provide over 900,000 square feet in education, mixed-used, and research buildings as well as housing.
* The Charlotte Innovation District Management Company sole members are Wake Forest University Health Science and Atrium Health, Inc.
* These improvements implement the City's goals of increasing economic development, increasing the local tax base, creating jobs, improving road networks and pedestrian connectivity, traffic mitigation, creating open space and placemaking opportunities, and public parking.
* During the November 1, 2021 Strategy Session meeting, the City's partnershi...
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