Last night I spoke on the telephone with a member of the UNC Board of Trustees concerning the concerns that both Roch Smith Jr and myself had previously expressed about Greensboro's downtown Union Square Campus. Allow me to begin by saying what this person told me will put some concerns to rest while leaving others up in the air.
I'm neither good at note taking or dictation but here goes: For starters: ownership of Union Square Campus will be held by a non profit formed by NC A&T University, UNCG, GTCC and Cone Hospital and not the developers. The length of the rental contract is 10 years. As all four of these entities have an interest in seeing Union Square become a success I see no reason to be concerned with the ownership and rental arrangement. There have also been a number of private donations towards the building of the campus.
Secondly, the developers who are assumed to be Bob Isner and Bob Chapman, will not receive any development fee for the construction of Union Square Campus. My source was very adamant that would be a deal breaker for the state of North Carolina and promised to keep a very close watch.
And finally, what remains unclear is what will be done with the rest of Union Square and why Isner and Chapman or whoever the owners may be (Greensboro City Council sold the property in secret session) have yet to assume ownership and start paying City and County property taxes on land sold to them by the City of Greensboro. Even my source seemed puzzled by what has gone on there.
Developers could earn fees for parts of Union Square that are not part of the actual campus. Many believe it was the original intent of the City and the Developers for the Developers to earn fees from campus construction. My source couldn't confirm but assured me repeatedly it would not happen.
The City of Greensboro has announced plans to put a parking lot on part of the property though it remains unclear who will own it and to date no one seems to know if the buyers have lined up any tenants or buyers. Of course, my thinking is, if you try to sell or rent me an expensive piece of downtown property then the first thing I'm going to want to see is proof of ownership and being that records still indicate the property to be owned by the City of Greensboro...
Well can you see how potential downtown clients might just view Isner and Chapman or whoever the buyers may be as a couple of con men?
Got more questions about Union Square Campus? Need more clarification? My source has agreed to answer as much as possible-- as much as is known. Perhaps now the Greensboro City Council will start talking about that secret meeting as well.
