Tuesday, May 22, 2018

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

According to the City, dated January 26, 2018, the total amount expected to be repaid by revenues associated with the Steven Tanger Performing Arts Center is $65,987,494.98;

The citizenry was told total 'Public Funding' was $42.879 million;

$42.879 million - $65,987,494.98 = $23,108,494.98 more than the City informed the public of

In 2022, the TPAC revenue generators will have to come up with $2,864,792.20 in Annual Net Debt Service.

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 331 VIP Parking Spots

The venue itself is expected to lose somewhere between $173,400 to $388,312 per year;


Most of these numbers came out before Uber and Lyft came on the scene

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 of somewhere between $173,400 to $388,312 per year, both of which are probably low

The costs are unsustainable, and 'they' knew it

Please hold those who knew and misled our City's taxpayers accountable 
Unanswered City of Greensboro STPAC related public records requests etc...

Please provide the City's estimation of STPAC patrons parking and staying at the Marriott, Roy Carroll and Randall Kaplan hotels

Please provide the application to the Local Government Commission for the TPAC project

Please provide the City's estimation of Uber, taxi services to be utilized by STPAC patrons

Please provide documentation showing expected STPAC ticket fee revenue

Please provide documentation itemizing "$41.826M PRIVATE FUNDING TOTAL" for the STPAC

Please provide any documents or communications between anyone at the City and CFGG concerning private donations for STPAC since January 1, 2017.

Please provide documentation showing how many total VIP parking spaces are planned for STPAC
On US Senator Kay Hagan's Brother in Law David Hagan, Making a Nice Slice off Greensboro's Taxpayers while Sitting on CFGG's Board

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