CHARLOTTE — Atrium Health CEO Gene Woods and Charlotte’s economic development director yesterday outlined $94 million worth of improvements and additions to the planned medical school and innovation district near uptown, with a decision expected later this month.
The request to the public sector remains $75 million, split between city and county government. Within that amount the ratio has shifted to a more equitable contribution from each: $40 million from Mecklenburg County and $35 million from the city. An earlier version, based solely on tax incentives, would have generated $50 million from the county and $25 million from the city.
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Tracy Dodson, assistant city manager and head of economic development, and Woods briefed Mayor Vi Lyles and City Council last night. The board of county commissioners will discuss the proposal next week. Both council and the commissioners board are expected to vote on the incentives package later this month: Nov. 16 for the county and Nov. 22 for city council.
The remaining $19 million in the $94 million infrastructure package would come from private funding and/or a combination of federal and state government grants, according to the presentation.
“It’s important that we get the infrastructure in the beginning,” Dodson said, emphasizing the uniqueness of the project. Dodson and Woods pitched the district as a magnet for economic recruiting — and one that will persuade companies to relocate or expand to be part of the innovation ecosystem. The incentive, Dodson said, will be the location and life sciences and health-care hub — not traditional tax breaks.
Those tax breaks would instead come at the beginning to get the midtown district built.
Atrium, in partnership with Wake Forest Baptist Health, the Wake Forest School of Medicine and developer Wexford Science + Technology, is leading the charge to bring the city’s first medical school to life. The private investment is expected to be $1.5 billion.
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Woods also provided updates on the site itself and, along with Dodson, discussed a combination of economic development, equity and diversity benefits. Read the full story here.
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