The FINANCIAL — During a reception honoring Bank of America’s 2013 Charlotte Neighborhood Builders awardees and celebrating local nonprofits’ contributions to community, Bank of America announced a $5 million donation to Foundation For The Carolinas (FFTC) to support an initiative to restore the Carolina Theatre, according to Bank of America Corporation.
More than 200 community leaders and nonprofits were on hand for the presentation where Brian T. Moynihan, chief executive officer of Bank of America, discussed the significance of their work and the company’s investment in uptown Charlotte and the region.
“Charlotte is a better community because of the way business and community leaders connect to keep the city vibrant,” said Moynihan. “Investing in the communities where so many of our employees live and help our customers live their financial lives is a good business decision.”
Slated for 2016-17, FFTC plans to renovate the 36,000-square-foot historic Carolina Theatre into a unique civic gathering and convening space that will serve as a venue for lectures, symposia, town hall meetings and other forms of community engagement. As a home for debate and dialogue, the purpose of the “civic theatre” concept is to increase levels of social capital in the Charlotte region. Located adjacent to the Foundation’s headquarters facility, the long-vacant theatre was sold to FFTC by the city of Charlotte in 2013, according to Bank of America Corporation.
The support from Bank of America will jump start FFTC’s community campaign to raise $25 million for the Carolina Theatre renovation project.
“We are thrilled for this extraordinary leadership gift that underscores a commitment to our region that is unsurpassed,” said Michael Marsicano, Foundation For The Carolinas President and CEO. “Bank of America has been a longtime supporter of the Foundation’s work and has redefined corporate philanthropy in America with exceptional levels of generosity,” he added.
In 2008, Bank of America also gifted to FFTC the building that now serves as its current headquarters on North Tryon Street. FFTC redesigned the building to create a “Center for Philanthropy” that now serves as a hub for civic and community engagement, hosting thousands of meetings and events each year. The Carolina Theatre and the Center for Philanthropy will be physically combined into one civic enterprise.
Over the years, Bank of America has supported a number of major community initiatives in the North Tryon corridor including the Discovery Place STEM Center, Levine Museum of the New South, ImaginOn, North Carolina Dance Theatre, Charlotte Mecklenburg Public Library, and McColl Center for Visual Art to name a few.
The restoration of the Carolina Theatre is part of a larger initiative to re-energize the North Tryon corridor in uptown Charlotte. A master planning process for the area was announced last month, and is being led by Foundation For The Carolinas, Charlotte Center City Partners, Bank of America and other partners. The project aims to address the area’s urban design and infrastructure needs, and also includes a “civic district” concept that include such institutions as the Charlotte Mecklenburg Public Library, ImaginOn, Discovery Place and the Carolina Theatre, among others, according to Bank of America Corporation.
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