Title
Resolution Revising the Memorandum of Understanding Between the City of Greensboro and The Community Foundation of Greater Greensboro for the Design, Construction, and Operation of the Steven B. Tanger Center for the Performing Arts
Body
Department: Coliseum
Council District: All
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Matt Brown, Ext. 7406
Contact 2 and Phone: James Dickens, Ext. 2327
PURPOSE:
The City and the Community Foundation of Greater Greensboro (CFGG) desire to revise Sections B.1 and B.2 the Amended Memorandum of Understanding (MOU) for the proposed Steven B. Tanger Center for the Performing Arts (STCPA) to fund the costs of the construction of the STCPA. If approved, the revision will increase the City's financial commitment to $42.879 million and increase the CFGG's financial commitment to $41.826 million.
BACKGROUND:
On March 4, 2014 the City approved a MOU between the City and the CFGG to design, finance, develop, construct and manage the operations and programs of the proposed STPAC. CFGG has secured its original $35 million commitment of funding and financing. On December 8, 2015, the City increased its funding commitment to $39.6 million and the CFGG increased its commitment to $38.5 million. The MOU was also amended to include a ticket service fee of not more than four dollars ($4) per ticket on tickets sold for events at the STPAC. This amendment also allowed the City to annually allocate a minimum of $120,000 per year from STPAC annual sponsorship revenue to use as an Arts Stabilization Fund. Over the course of the three (3) years required to complete the phases of Design and Development of Construction Documents for the Tanger Center Project, additional fees, costs, and expenses have been incurred. Additionally, the costs to construct the facility have increased due to the length of time it took to complete the Construction Document. As a result, the MOU needs to be amended to address these a...
Click here for full text