Invest Atlanta, PNC Close Funding for Phase I of National Center for Civil and Human Rights
Invest Atlanta and PNC this week provided New Markets Tax Credits to complete funding for the first phase of The National Center for Civil and Human Rights, a museum under way in Downtown Atlanta.
Combined, Invest Atlanta and The PNC Financial Services Group, Inc. provided the Center with $24 million in New Markets Tax Credits to fully fund the Center’s first phase. Phase I will comprise 42,000 square feet of exhibit and special event space.
Invest Atlanta allocated $13 million in tax credit authority through its affiliate Atlanta Emerging Markets, Inc. (AEMI), secured from the U.S. Department of the Treasury, and PNC provided $11 million. Additionally, Invest Atlanta has already committed $40 million in Tax Allocation Districtfunding for the project.
Last year, Invest Atlanta unanimously approved Tax Allocation District funding and groundbreaking plans as part of a phased approach. The Center’s $65 million Phase I now is fully funded.
“The National Center for Civil and Human Rights is an incredibly important project to Atlanta. The museum will highlight the national struggle for civil and human rights and pay homage to Atlanta’s strong role in the fight for equal rights,” said Brian McGowan, President and CEO of Invest Atlanta. “The public-private partnership among Invest Atlanta, PNC, the Center and Atlanta’s biggest corporate citizens show that these partnerships work and benefit the city.”
The funding process closed just days before today’s holiday honoring Martin Luther King Jr. Day, the Atlanta native who played a vital role in the fight for civil rights.
The three-story National Center for Civil and Human Rights will include a gallery for the Morehouse College Martin Luther King, Jr. Collection (King Papers) as well as the civil rights and human rights exhibitions.
The National Center for Civil and Human Rights will benefit the City of Atlanta, in part, by creating approximately 600 jobs and $50 million in revenue. The Center also is expected to attract 400,000 visitors annually.