Foundation For The Carolinas

Amount Appropriated?

$4.0M

FFID tracks stages 1–2 — stages 3–5 vary by agency, assistance type, and earmark structure.

Project Description

There are three main reasons why the project is a good use of taxpayer funds:\n\nFunding Shortfall: \nWhen acquiring the property, FFTC planned for a $50 million dollar project. We have worked to raise these funds from the private and public sector; The City of Charlotte invested $4.5 million, Mecklenburg County invested $4.2 million, and the additional dollars were raised from the private sector to include numerous gifts from individuals, corporations, and foundations. As expected with a 90+ year old building there have been many surprises along the way causing unexpected budget increases. However, the COVID-19 pandemic has been another large hit to the original budget, triggering significant schedule delays and increased material escalations causing the budget to increase by an additional $12 million. The Foundation has renewed our fundraising efforts but still have a gap of $8.7 million to fill. Funds from the Economic Development Initiative will help fill our funding gap and ensure that the project can be completed as envisioned. \n\nEconomic Development: \nSixth and Tryon is a prime corner location in Uptown Charlotte that has gone undeveloped. This project activates this important piece of real estate and will serve as a catalyst to push development to the northern corridor of Uptown Charlotte. \n\nTax Revenue: \nTo help pay for the capital costs of the Theatre the Foundation sold the air rights above the theatre to a hotel developer. The addition of the hotel on top of the theatre\u2019s new lobby will bring tax revenue to benefit city, state and federal governments.