CHARLOTTE — The Charlotte City Council on Monday unanimously approved property tax reimbursements for Atrium Health’s Innovation District.
The deal will send 90% of the city’s newly generated property taxes from the development to Atrium over 15 years. The estimated cost over that period is roughly $21 million.
The infrastructure improvements include an 800-space parking deck and utility line relocation.
The parking deck is part of a 1,200-space structure. The 800 spaces will be free for the public on nights and weekends. About 120 of the spaces will always be free because they have been set aside for Pearl Street Park, assistant city manager Tracy Dodson said.
The fate of the project largely hinges on Mecklenburg County Commissioners approving the same deal. The county is expected to vote in the coming weeks, but commissioners are more skeptical of the plans than city council members.
Dodson said if the county doesn’t approve it, the plans will likely be significantly different.
“If the county perhaps didn’t approve the tax increment grant, I think the project would change and we would be back in front of you to talk about how it would change,” Dodson said.
The Innovation District includes 350 housing units with 5% set aside for affordable housing. But Atrium is donating 14 acres of land near NoDa that leaders say will lead to a minimum of 400 affordable housing units.
The land’s market rate value is $20 million and near the Blue Line.
(WATCH BELOW: Atrium seeks $75M for ‘Innovation District’ surrounding new medical school)
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