Title
Innovation District Update
Action
ACTION:
Receive an update on the Innovation District development
Staff Contact: Leslie Johnson, Deputy County Manager
Roger Johnson, Economic Development Director
Collin Lane - Atrium Health, Senior Vice President, Facilities Management Group
Hillary Crittendon - Atrium Health, AVP, Head of Innovation District Operations + Strategy
Presentation: Yes
BACKGROUND/JUSTIFICATION:
Wexford Science & Technology ("Wexford") and Atrium Health ("Atrium") are developing an Innovation District (also known as The Pearl) that will include mixed uses such as a medical school, research buildings, office and retail space and housing. The project is located on approximately 26 acres along McDowell Street between Stonewall Street and Morehead Street.
On December 7, 2021, the Board of County Commissioners (BOCC) adopted a Resolution approving an Interlocal Agreement with the City of Charlotte for a reimbursement of public improvements to be constructed by a private developer in support of new economic development opportunities by committing 90% of the incremental ad valorem taxes created by the project for a period of fifteen years and not to exceed value of $38,356,477.
At the time this project was presented to the BOCC, it was estimated that the private investments would total approximately $1.5 billion.
The total cost of the public infrastructure included in the project is $94.2 Million. A tax increment grant (TIG) in the amount of $60,000,000 from the City of Charlotte and Mecklenburg County is to support the development the public infrastructure, to include:
- Purposeful Walk, Cycle Track & Plaza
- Regional Parking Deck
- New / Improved Roads
- Pedestrian Underpass
- Intersection Improvements
- Transmission Line Relocation
- Storm Culvert Relocation
- Public Sanitary and Water Line
- Grading & Demo
The mech...
Click here for full text