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.)