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CHARLOTTE – Monday morning, the CMS Investment Study Group announced the creation of a program called 'Project LIFT' or Leadership and Investment for Transformation.

Over the course of the next five years, the program is working to provide $55 million in private funding to strengthen the schools that feed into West Charlotte High School.

Organizers say they're looking to develop a state of the art model for closing the achievement gap and increasing graduation rates not only within Charlotte-Mecklenburg Schools, but also across the country.

"If we can take the hardest corridor and prove a model then no one can dispute it in the future. So we want to take the toughest problem and try to address it," said Charlotte Mayor, group member, and West Charlotte alum Anthony Foxx.

The private funding will focus on putting effective teachers in the classroom, extending the time students spend in class, increasing access to technology and engaging the community.

In order to make a lasting impact however, CMS Superintendent Dr. Peter Gorman says state lawmakers need to give educators more leeway in order to better meet students' needs, especially in areas like the yearly calendar and teacher compensation.

“After five years, this will continue and we've got to show compelling evidence. So right now, this is a wise investment but now the real work is ahead for us and we've got a lot of work to do," added Gorman.

So far, seven area donors have already raised $40.5 million dollars for the initiative:

•Belk Foundation - $1 million
•Foundation For The Carolinas - $2 million
•Wells Fargo Foundation - $2.5 million
•Duke Energy Foundation - $5 million
•Bank of America Charitable Foundation - $10 million
•C.D. Spangler Foundation - $10 million
•The Leon Levine Foundation - $10 million

The group is now working to hire a project leader who will work for the school district but be paid with private money. A portion of Project LIFT will get underway later this year. The full program will roll out in 2012.