Mayor Keisha Lance Bottoms accepted a check for $33.5 million from the developers of Centennial Yards earmarked for “community benefits” during a ceremony at city hall on Oct. 14.
The check is part of a community investment deal agreed to by the city in return for nearly $2 billion in tax breaks to CIM Group to build the $5 billion mixed-use project on land in Downtown formerly known as The Gulch.
Bottoms’ administration negotiated a total of $42 million in community investments, with $28 million planned for affordable housing, $12 million in citywide economic development, and $2 million for workforce training.
Also included is funding for the mayor’s child savings account program, an anti-displacement fund, the establishment of a small business hub and a guaranteed income pilot program.
Additionally, Centennial Yards Company has committed to a 38% inclusion goal for minority and female-owned businesses for design, development construction and property management for the project.
The 50-acre development in the shadow of Downtown’s State Farm Arena and Mercedes-Benz Stadium will include residential, office, retail, dining and entertainment space.