Wednesday, July 30, 2014

Performing Arts Center Donations Fall Short By $25 Million

There's no way they can twist the story to deny the truth. When you're forced to borrow $25 Million Dollars that means you're $25 Million Dollars short of your goal. Plus interest. From the Business Journal: because the News & Record now limits me to 20 articles a month. Morons.

"The $65 million project will be backed by $30 million in city commitments and $35 million from the Community Foundation of Greater Greensboro. The Community Foundation funding is split between a $25 million loan from the Bank of North Carolina and $10 million in donations."

How will the City pay its part?

"For the city’s part, it has already financed $11.5 million to acquire downtown sites along North Elm and Lindsay streets where the Performing Arts Center will be located. It will provide an additional $18.5 million to fund construction via a two-year limited obligation bond anticipation note with PNC Bank."

Bond anticipation note? Translation: They plan to float a bond in 2 years after telling us they wouldn't float a bond and wouldn't make taxpayers foot the bill. Mayor Vaughan lied again.

And this is very important:

"The city will own and operate the center. Meanwhile, the group overseeing operations and governance of the Performing Arts Center will be called the Greensboro Performing Arts Foundation Inc. That group filed for incorporation this June and is awaiting its 501(c)3 status, as well as the finalization of its bylaws and appointment of a 13-member board."

And when the Greensboro Performing Arts Foundation Inc. can't come up with all the money necessary to pay off the $25 Million Dollar loan? Back to the City Council they go.

So far, everything about this project has turned out exactly the way myself and a few others predicted over 2 years ago.