Title
Resolution Approving the Recombination and Subdivision Plats for the Steven B. Tanger Performing Arts Center and Conveying to the Community Foundation of Greater Greensboro or Any Non-Profit, Charitable Organization Owned By It, the Subdivided Property to be Used as the Performing Arts Center's Surface Parking Lot.
Body
Department: Engineering and Inspections
Council District: 3
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Matt Brown, 373-7406
Contact 2 and Phone: Ted Partrick, 373-2308
PURPOSE:
Pass a resolution approving the recombination and subdivision plats for the Steven B. Tanger Performing Arts Center and conveying to the Community Foundation of Greater Greensboro or any non-profit, charitable organization owned by it, the subdivided property to be used as the Performing Arts Center's surface parking lot.
BACKGROUND:
On March 4, 2014, the City Council adopted a Resolution Authorizing the Mayor and City Manager to Enter into a Memorandum of Understanding ("MOU") between the Community Foundation of Greater Greensboro ("CFGG") and the City to design, finance, develop, construct, and manage the operations and programs of the proposed Steven B. Tanger Center for the Performing Arts (STPAC). As part of this MOU, the CFGG, through private donors, agreed to pay up to $5 million of design costs for the facility and $30 million for the construction costs and the City agreed to pay up to $30 million for the purchase of land and the construction of the facility.
The MOU also stated the City and the CFGG, on behalf of its private donors, would have to obtain financing to cover each party's share of the costs of this project and that either party could use a portion of the STPAC as collateral for that financing. In order for the CFGG to obtain financing for its $30 million portion of the construction costs, the City must combine all of the seven parcels of property that it purchased for the STPAC ...
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