..."based on our possibly incorrect understanding of the facts relating to the private donations for the Project, we suggest adding the last two sentences below to the Risks section ...
Limited Value at Foreclosure
The Project will be specifically constructed as a performing arts center. The number of entities that could be expected to purchase the Project at a foreclosure sale is limited, and thus the ability of the Trustee to realize funds from the sale of the Project upon an event of default may be limited.
Completion of the Project is dependent on receipt of private donations.
Although most of the private donations required to complete the Project have been secured, the value of the Project in foreclosure would be negatively affected if the remaining amounts are not secured and the Project is not completed.
Edwin F. Lucas III
Robinson Bradshaw"
Through 2023...
Although most of the private donations required to complete the Project have been secured,
the value of the Project in foreclosure would be negatively affected
if the remaining amounts are not secured and the Project is not completed.
Edwin F. Lucas III
Robinson Bradshaw
So how much is the parking going to cost,
relative to taking a Uber/Lyft, or parking for free?
The City expects to sell out 330 premium parking spots
at increased rates, to pay off the debt...
And they submitted the 2012 AMS Operating Pro Forma showing perpetual losses over time;
31 estimated events have no charge
149 - 31 = 118
$2,864,792.20 / 118 = $24,277.90 per shows with sold tickets needed to cover the debt costs, from Hotel, Motel Taxes, Ticket User Fees, Garage Parking, and 330 VIP Parking Spots
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From: Kurt
to: "hartzmandate: Thu, Apr 12, 2018 at 1:51 PM
subject: City of Greensboro Public Records Request #7857
In response to your public records request #7857 concerning all documentation concerning the financial sustainability of the Tanger Performing Arts Center since 1/1/17, the City of Greensboro Coliseum responds, “The Coliseum has no records responsive to this request. The Tanger Center budget for a full year of operation is being developed now.”
I hope this information is helpful to you.
Thank you for your public records request,
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The City of Greensboro won't/can't produce a document confirming $41,826,000 of private contributions for the TPAC listed on the application for the debt approval, meaning the application filed by Greensboro with the N.C. Local Government Commission has a bunch of numbers on paper, not backed up by underlying documentation or confirmed confirmation.
The City didn't come up with anyone elected or on staff which even asked for information confirming the whereabouts of more than $40 million
also announced that they had met their goal
of raising $38.5 million from private donors."
Dawn DeCwikiel-Kane
Financially Illiterate News and Record reporter who lied to her readers
Costs for the entire project will be covered by private donations,
hotel and motel tax revenues, ticket fees and parking revenues
— not taxpayer money, [Matt] Brown said.
Dawn DeCwikiel-Kane
City taxpayers are going to borrow $43,450,000, which will cost $65,987,494.98, and no one at the City of Greensboro government level is able to produce any information as to where the private donations are, or what the money is invested in
The Local Government Commission, including North Carolina State Treasurer Dale Folewell and Greensboro's taxpayers have been played for fools, courtesy of the News and Record, Roy Carroll, via the Rhino Times' John Hammer, Matt Brown, Rick Lusk, Jim Westmoreland, Tammi Thurm, Allen Johnson, Nancy Vaughan, Nancy Hoffmann, Justin Outling, Marikay Abuzuaiter, and Yvonne Johnson, and the general population will remain uninformed with the help of the above persons.
How to mislead a community on $23,108,494.98 Publicly Funded TPAC costs, by Greensboro's City Council, Staff and the 'Private Donors' who knew and said nothing
http://greensboroperformingarts.blogspot.com/2018/02/how-to-mislead-community-on-2310849498.html
STPAC VIP Parking Control Fraud Math
http://greensboroperformingarts.blogspot.com/2017/12/stpac-vip-parking-control-fraud-math.html
Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws
http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html
How to mislead a community on $23,108,494.98 Publicly Funded TPAC costs, by Greensboro's City Council, Staff and the 'Private Donors' who knew and said nothing
http://greensboroperformingarts.blogspot.com/2018/02/how-to-mislead-community-on-2310849498.html
STPAC VIP Parking Control Fraud Math
http://greensboroperformingarts.blogspot.com/2017/12/stpac-vip-parking-control-fraud-math.html
Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws
http://greensboroperformingarts.blogspot.com/2017/12/downtown-greensboro-parking-deck-math.html
Ethical Responsibilities of the Governing Body of the City of Greensboro
http://hartzman.blogspot.com/2013/04/ethical-responsibilities-of-governing.html
Greensboro's Tanger Center Budget, as of 12/19/2017; Tammi Thurm voted for legislation which gave her boss' brother $586,000
http://greensboroperformingarts.blogspot.com/2018/01/greensboros-tanger-center-budget-as-of.html
Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats
http://hartzman.blogspot.com/2013/06/one-reason-among-many-that-gpac-with.html
http://hartzman.blogspot.com/2013/04/ethical-responsibilities-of-governing.html
Greensboro's Tanger Center Budget, as of 12/19/2017; Tammi Thurm voted for legislation which gave her boss' brother $586,000
http://greensboroperformingarts.blogspot.com/2018/01/greensboros-tanger-center-budget-as-of.html
Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats
http://hartzman.blogspot.com/2013/06/one-reason-among-many-that-gpac-with.html
As the map by City of Greensboro's Adam Fisher notes, there are 488 free on street parking spots within 1,200 feet of the site, not counting the VF and the Marriott parking across the street;
$2,864,792.20 / 12 = $238,732.68 needed to cover the debt costs per month, not counting ongoing operating losses
The costs are unsustainable, and 'they' knew it
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Performing Arts Center: "[Notable]...Task Force Members"
GPAC Development / Marketing Task Force; Kathy Manning, co-chair
GPAC Economic Impact / Feasibility Task Force; Randall Kaplan
GPAC Development / Marketing Task Force; George House, one of Randall's partners