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B. Long-Term Financial Planning
The City currently has $166,370,000 in authorized (2006, 2008, and 2009) and unissued general obligation
bonds in the following functional areas to fund various governmental projects. We anticipate phasing the
issuance of these bonds over the next five years in accordance with Greensboro’s capital improvement
program, Council’s strategic priorities and the economic outlook, and as current bonds mature:
Street Improvements
$126,080,600
Fire Stations
12,478,417
Parks and Recreational Facilities
11,474,800
Natural Science Center
10,107,850
Economic Development
4,000,000
Libraries
1,228,333
Housing 1,000,000
The City continues to use a construction-draw note program to fund significant capital improvements with
conversion to permanent financing typically within two to three years. This includes a $50 million note,
issued in 2014, for general capital improvements. General Obligation Bonds were issued and the Bond
Anticipation Note was redeemed in October 2016, with plans to issue another $55 million note by January
2017 to accommodate further general capital financing needs. Other short-term facilities are in place to
finance $50 million in water and sewer capital improvements, $30 million for construction of a performing
arts center and $20 million for additional Coliseum Complex improvements. Repayment of the latter is
expected from hotel/motel occupancy tax receipts.
The planned $78.1 million project to construct the
Steven Tanger Center for the Performing Arts
in
Greensboro continued this past year. Designs for the exterior and lobby were unveiled in January, 2016 and site
clearing and design is underway. The 3,000 seat arts center located in the City’s downtown area is being funded
by a public/private partnership, with $39.6 million in public funds provided by the City and $38.5 million in
private funds. The facility will be designed as a multi-use venue with diverse programming for all ages and is
estimated to attract 300,000 patrons annually, extending educational opportunities for families through exposure
to high quality performances in a local setting. Donor pledges towards funding of the project have exceeded the
$35 million goal, including a single private pledge of $7.5 million from Tanger Factory Outlet Centers
ownership, granting naming rights for the facility. The City acquired $11.5 million in land purchases for the
project using a short-term note directly placed with a local bank. In August, 2014, City Council approved award
of the project design contracts, approximating $5 million, which will be funded with private donations and
managed by the City. In December 2014, the City issued a short-term installment financing agreement in the
amount of $30 million with PNC Bank to provide funding for its share of the project as construction progresses
and to reimburse for land costs funded with the short-term note. In December, 2015, City Council authorized an
increase from $30 million to $39.6 million for the City funded portion to cover project cost increases. Permanent
financing is expected to be secured for the City in early 2018. The City plans to pay the debt service associated
with such financing from a portion of the County’s hotel/motel occupancy tax revenues, facility fees and
parking-related revenues. The estimated completion date for this facility is 2018.
In addition, a large private bequest donating
LeBauer Park
, a new $10 million public park opened in August
2016. The site is in proximity to the new Tanger Performing Arts Center, featuring the largest outdoor art
sculpture in the Southeast, funded by a $1 million dollar grant and designed by internationally recognized
artist, Janet Echelman. The park includes a 17,000 square-foot event lawn space with its aerial sculpture, a
children’s garden with reading materials from a book cart, an interactive water feature that will serve as an ice
skating rink in the winter, and a dog park equipped with specially engineered turf and anti-microbial backing.
The garden pavilion can accommodate concerts and other events with a nearby putting green where visitors
can practice their golf skills.
This entire project is considered by many to be a key component to vibrancy of
the arts community as a whole in the City.