City releases Tanger Center fact sheet

In response to citizen inquiries about the memorandum of understanding between the City of Greensboro and the Community Foundation of Greater Greensboro, the city today released a fact sheet clarifying 11 elements of the agreement.

Dubbed the Tanger Center Fact Sheet, the document also includes a schedule of donor commitments to date.

Items of note include:

– The majority of the $35 million in donor pledges to the project will be paid over 5 years or less, with the Tanger pledge paid over 10 years.

– The City would authorize $30 million in public borrowing in mid-2014 (limited obligation note issued for this project under a construction draw program which includes paying off the $11.5 million property financing). The City’s financing will not commence until the Nonprofit’s loan commitment is in place, the project has been designed, and construction bids received.

– The City is not obligated to fund its commitment until the Donor Loan commitment has been obtained and the Private Donor Group has paid up to the first $5 million of pre-construction amounts due under the design contracts.

Major donor pledges totaling $24.5 million from 11 donors are listed.

See the full document here.

A vote on the agreement between the city and CFGG is expected at Tuesday’s city council meeting. (See item #23.)

Advertisements