Title
Ordinance in the Amount of $5,341,000 Amending the Performing Arts Center Fund
Body
Department: Coliseum
Council District: 3
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Matt Brown, Managing Director, 373-7400
Contact 2 and Phone: Rick Lusk, Finance Director, 373-2077
PURPOSE:
Consider adoption of a budget ordinance amendment in the amount of $5,341,000 to appropriate funds for architectural design services for the Steven B. Tanger Center for the Performing Arts and demolition of various buildings located on the proposed arts center site.
BACKGROUND:
The City has acquired various downtown properties for the future site of the Steven B. Tanger Center for the Performing Arts ("Center") and will be responsible for leasing and maintaining those properties and subsequently demolishing them. It will also be responsible for managing design services and construction contracts funded from $35 million in donations and loan proceeds to be transferred to the City from the Community Foundation of Greater Greensboro ("Foundation") as contract payments become due, in accordance with the memorandum of understanding between the City and the Foundation, and a $30 million contribution from the City for land acquisition and construction. Design services are estimated at $5,000,000 and will be funded in total by the Foundation. Remaining demolition costs are estimated to range from $290,000 to $341,000 depending on the site requirements of the final arts center project design and will be funded from the City's building rental and parking revenue.
BUDGET IMPACT:
No general fund expense or revenue accounts will be impacted. The Performing Arts Center Fund budget is being increased by $5,341,000 from $5,000,000 in donations and contributions to fund design for the Center and by $341,000 from building rental and parking revenue to fund demolition and other project costs.
RECOMMENDATION / ACTION REQUESTED:
The Coliseum...
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