Sunday, April 29, 2018

As of November 14, 2017, only $20 million of the private donations had been "raised"; If the City of Greensboro's bond council (Robinson Bradshaw) doesn't know how much Walker Sanders of the Community Foundation has actually brought in for the Steven Tanger Performing Arts Center, then who does?

..."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
From: Kurt
to: "hartzman
date: 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,
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.

From a Roch Smith City of Greensboro records request on STPAC funding; The City doesn't really know how much of the private donations received are actually in hand, and Walker Sanders of The Community Foundation of Greensboro appears to have not released the information while making investment fees on an unknown amount of assets.

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

"Manning and Walker Sanders, the president of the Community Foundation,
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

STPAC VIP Parking Control Fraud Math

Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

Ethical Responsibilities of the Governing Body of the City of Greensboro

Greensboro's Tanger Center Budget, as of 12/19/2017; Tammi Thurm voted for legislation which gave her boss' brother $586,000

Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats

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
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


City Council minutes, February 7, 2012

Please hold those who knew and misled our City's taxpayers accountable