Showing posts with label STPAC. Show all posts
Showing posts with label STPAC. Show all posts

Monday, August 26, 2019

Tanger Factory Outlets, whose Steven Tanger is funding Greensboro's new Performing Arts Center with $7.5 million, dropped from $40 per share to $14

https://www.marketwatch.com/investing/Stock/SKT
The Mistake You Are Making With Tanger Factory Outlet Centers: The Safety Of The Dividend

 Tanger Factory Outlet Centers (SKT) shares remain risky and the dividend is not as safe as it looks. I remain bearish on SKT and rate shares a sell.

The issue with SKT continues to be the secular headwinds facing lower quality mall and mall outlet properties.

The continued deterioration in long-term leases is worrisome, and they will need to continue to direct all excess free cash flow towards paying down debt indefinitely as long as cash flows continue to decline.
https://seekingalpha.com/article/4286374-mistake-making-tanger-factory-outlet-centers-safety-dividend

Tanger Factory Outlet Centers Short Interest 
Greensboro's City Council violated their oaths of office and the City Charter on TPAC, enabled by Kathy Manning

 http://greensboroperformingarts.blogspot.com/2018/03/greensboros-city-council-violated-their.html

 "concerning all documentation concerning the financial sustainability of the Tanger Performing Arts Center

 https://greensboroperformingarts.blogspot.com/2018/04/concerning-all-documentation-concerning.html

 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

 http://greensboroperformingarts.blogspot.com/2018/02/from-roch-smith-city-of-greensboro.html

 Greensboro City Council member Tammi Thurm's former employer Randall Kaplan's Wife and Congressional Candidate Kathy Manning's Tammi Thurm $1,000 contribution before she voted them a $30 million unneeded parking deck from which they will personally profit

 http://greensboroperformingarts.blogspot.com/2018/01/former-greensboro-city-council-member.html

 Are City of Greensboro taxpayers and parking deck patrons on the hook for at least $35.1 million not including legal costs, for a parking deck which most of City Council doesn't even know much about, for Kathy Manning, Randall Kaplan, George House and Greg Dillon, who has a contract on the News and Record property?

 https://greensboroperformingarts.blogspot.com/2018/11/are-city-of-greensboro-taxpayers-at.html

 The Community Foundation of Greater Greensboro asks its donors to "bunch" 2018 donations without disclosing much of the money could be forcibly allocated to Greensboro's new Steven Tanger Center for the Performing Arts

 https://greensboroperformingarts.blogspot.com/2018/12/the-community-foundation-of-greater.html

 The Community Foundation of Greater Greensboro's Walker Sanders violated his fiduciary duty to his clients and donors

 https://greensboroperformingarts.blogspot.com/2018/07/the-community-foundation-of-greater.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

 https://greensboroperformingarts.blogspot.com/2018/02/how-to-mislead-community-on-2310849498.html

 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

 http://hartzman.blogspot.com/2013/09/on-us-senator-kay-hagans-brother-in-law.html

 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

 http://hartzman.blogspot.com/2012/02/performing-arts-center-notabletask.html

 Local Democratic delegates vote to tell the national fundraising arm to stay out of the North Carolina’s 13th Congressional District primary election, the state’s most heavily contested congressional race between Adam Coker and Kathy Manning, and Greensboro's News and Record reports nothing, two and now one day before the election = Another media rigged primary

 https://greensboroperformingarts.blogspot.com/2018/05/local-democratic-delegates-vote-to-tell.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

 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

 Kathy Manning, Randall Kaplan's wife, lobbying for a GPAC and their new hotel

 http://hartzman.blogspot.com/2013/08/kathy-manning-randall-kaplans-wife.html

 On GPAC and the Community Foundation

 http://hartzman.blogspot.com/2013/08/on-gpac-and-community-foundation.html

 Jeff Sykes carves up Nancy Vaughan, Roy Carroll, Randall Kaplan and the rest of the crooked crew in downtown Greensboro

 http://greensboroperformingarts.blogspot.com/2017/12/jeff-sykes-carves-up-nancy-vaughan-roy.html

























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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
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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,
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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.

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

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

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;
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7yYf-FgaVvhZqm5CUFD95KQcGbAYKnfPEdcoaaR-MTUU_nwOjbn6I_xWlRX-WeYMoq8gWu_16EiroPZNyJ4S50BA2A8E9bTQYcv5bOi6YOhvdBisOAQ1PRntNBHJqZTH9b0URpz11Vow/s1600/Inside+Circle.jpg
$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


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City Council minutes, February 7, 2012




Please hold those who knew and misled our City's taxpayers accountable 
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Thursday, July 20, 2017

Tanger Performing Arts Center: Another Promise Broken

Remember all the promises that were made by Greensboro City Council concerning the building of the infamous performing arts center? Remember how they promised us it would be paid for with private money? As Roch Smith jr reports in Not a good sign, Council has City assume risk for arts center cost overruns. yet another promise to Greensboro voters has been broken.

Correction: Sam Heib was the source of the quote above.

But then we here at EzGreesnsboro.com have been telling you that since this site was founded in 2012.

The cost of this project will exceed 100 Million Dollars before it is finished

I'm surprised men like Steven Tanger and the rest of the TPAC donors continue to allow their names to be associated with such deceit while the answers still elude us.




And interestingly, most of the naming rights are still available as of April 1, 2017.



I guess a lot of folks don't want their names attached after all.
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Sunday, December 18, 2016

Remember when Greensboro's City Council and its Community Foundation lied about how the STPAC debt would be paid for?

The Steven Tanger Center for the Performing Arts 
is designed to have "326 VIP parking spaces"

Dawn DeCwikiel-Kane 
Saturday, December 17, 2016 
News and Record

The First Bond Finance Lie was 250 spaces for 149 events, many of which won't charge for VIP parking to pay for a $10 million City of Greensboro borrowed bond, like Student Plays and Concerts, Dance Recitals and Dance Competitions, Other Non-Profit Uses and Other Commercial Uses - Family;

http://gpac2012.com/wp-content/uploads/2013/02/proforma-operating-model.pdf

Yes, the document is gone
To suggest raising parking prices for fewer shows and still sell out premium parking every time, is economically irrational;
"In economics, the marginal rate of substitution is the rate at which a consumer is ready to give up one good in exchange for another good while maintaining the same level of utility.

 The Second Bond Finance Lie by our elected leaders, Walker Sanders, Kathy Manning, the consultants and some of those tasked with acting in the best interests of taxpayers, was 250 VIP spaces and 180 events, which wouldn't work as the spaces were $20 and too expensive, and the spaces wouldn't be sold out for 180 events; 

http://www.greensboro-nc.gov/modules/showdocument.aspx?documentid=21351
Notice how the top document is gone so they could say "The original local projection of event days was 220 [- 50 = 170 - load in days?]

Looks like the 'needed' annual gross revenue is $675,000 per year

So instead of using 149 events to calculate the income to pay off the bonds that the hired consultant predicted, city staff, council and whomever else was involved raised the number of events to 180 per year, with all 250 premium parking spaces sold out at each and every show, even though there will be plenty of free and much lower cost parking options in close proximity to the venue.  DPAC charges $5 to park in the decks near it.

How many free parking spaces are within 1/4 mile of the site after 6pm?

This was flat out bogus math, which means the City Council members who voted for it broke their fiduciary duties to Greensboro's taxpayers.

That being said, 326 VIP parking spaces for $10 a piece is $3,260.

326 VIP parking spaces for $15 a piece is $4,890.

The more high-dollar the show, the more that can be charged.

The higher the cost of parking, the less likely patrons are to pay extra for what is probably going to be $5 across the street at VF, which has several hundred spaces right next door.

326 STPAC higher cost parking spaces will rarely sell out, and the chances all the shows will sell out are relatively slim compared to DPAC.

149 shows minus 39 shows with little to no charge for parking = 110 shows to charge during

326 x $10 x 110 shows = 358,600 per year if they sell out every parking spot at every show, which is unlikely.

326 x $15 x 110 shows = 537,900 per year if they sell out every parking spot at every show, which is even less unlikely, as higher prices means fewer sales.

"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."


Taxpayers will make up the difference and Matt Brown knows it, 
as he has done the exact same thing over and over at the Coliseum

Dawn DeCwikiel-Kane, Greensboro's News and Record, City Council and Staff, Kathy Manning, Walker Sanders and the rest of our elites told quite a few lies to get this done at the expense of City taxpayers who are going to be left with a really nice lobby and annual losses in perpetuity.
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Bait-and-switch; like when I sold above ground aluminum swimming pools in 1992.

When I arrived in Greensboro, I was trained to present a bait and switch one call close sales presentation to sell swimming pools.

I got two leads a day, and would drive anywhere from Blacksburg, Virginia to Rock Hill, South Carolina to make sales calls.

Told the marks I was a "manager", on my way to set up a demonstration pool in the next town.

The bait was a $999 pool advertised in TV guides, and I would downplay the quality of the advertised pool, and switch to a $13,900 pool in the presentation, took a little off the top if they wanted the "demonstration" deal, under which they agreed to write a letter of recommendation etc..., reduced the big number to an affordable monthly payment of $249, (reduction to absurdity) and pop a second mortgage on the home at least a 17% annual interest rate.

I made half of any deal over $7,200.

I have been telling this story among others in Financial Ethics classes for years, as an example of how to not get ripped off by some of who I used to be.

The STPAC promotion and propaganda has been the same thing only different.
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The perversity of disinformation "Look for Tanger Center in 2019"

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The Aquatic and Performing Arts Centers have been Trojan Horse Scams;

"...a trojan horse is an ...offer 
...designed to draw potential [Marks] by offering them .
..something of value for acceptance, but following acceptance, 
the buyer is forced to spend a much larger amount of money, 
...by being signed into a lengthy contract, from which exit is difficult...

Think about it.

The harmful consequences faced by the [Mark]
...may include spending far above market rate [or a] large amount of debt...

...the victim of the trojan horse 
is likely to end up spending far more money over time, 
either through continual withdrawals from the [Mark's indebtedness]
...or add-ons to a bill that must be paid 
in order to avoid loss of an object or service of prime importance 
(such as [police, fire or energy]).

Think about it.

...Auto-manufacturers and car dealerships 
will often advertise free or subsidized gas to car buyers 
for a certain amount of time, 
but increase the cost of the car in other ways."

Trojan Horse Scam

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Kathy Manning, Randall Kaplan's wife, lobbying for a GPAC and their new hotel, with some Nancy Hoffmann, Dawn Chaney and Nancy Vaughan


Nancy Hoffman's perfectly legal contributions from GPAC task force members, as confirmed by city attorney S. Mujeeb Shah-Khan


On GPAC; If AMS projected 149 events, why is the City of Greensboro saying 180 with 100% sold premium parking at every show?

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Tuesday, June 21, 2016

City of Greensboro Performing Arts Center Fund Status as of April 30, 2016; Item 58 for 6/21/2016; Ordinance in the Amount of $11,658,785 Amending the Performing Arts Center Project Fund 5

https://greensboro.legistar.com/Calendar.aspx

ORDINANCE IN THE AMOUNT OF $11,683,590 AMENDING THE PERFORMING ARTS CENTER PROJECT FUND

Premium Parking - At Former Coliseum Auditorium Site

Budget; $669,000.00

Actual; $0.00

Donations & Contributions - For Design (CFGG)

Budget; $5,000,000.00

Actual; $1,508,971.87

The Community Foundation of Greater Greensboro (CFGG)
was supposed to put up the first $5,000,000 and didn't

No one knows how much the private money has actually been collected

No one knows how much the privately raised money is currently invested in

No one knows how much the money is being skimmed by CFGG in fees

No one knows if all the money needed has been raised

White elephant

Misrepresentation

Purposeful fraud upon Greensboro's taxpayers 
if Council and CFGG don't come up with the promised money
which appears to not have happened if CFGG hasn't come up with the initial $500,000,000 
as promised

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Wednesday, January 13, 2016

The Great Steven Tanger Performing Arts Center Lie; Part 28; Building Materials

https://research.stlouisfed.org/fred2/series/WPU136201

If the price index 
of Roofing Asphalts, Pitches, Coatings, and Cement 
was about 265 in September, 2013, 
and about 220 now, about 17% lower, 
and the price for the center went up about 15%,
some are very, very lying as to what actually happened,
and one of  them is Steven Tanger
with the help of Matt Brown, Nancy Vaughan, Walker Sanders
and Nancy Hoffmann

"Naming announcement event!

On September 9, 2013, we announced the name of the center
– the Steven Tanger Center for the Performing Arts
– and Mr. Tanger challenged the community to raise $35 million."

http://tangerperformingarts.com/
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Roy, Jim, Marty, Tanger, Nancy's and etc's High Colonic; "All the phantom wealth piled up in China's boost phase is now melting down and ...will trigger a meltdown in global phantom assets."

 http://greensboroperformingarts.blogspot.com/2016/01/roy-jim-marty-tanger-nancys-and-etcs.html

 Who said STPAC construction cost went up and why?

 http://greensboroperformingarts.blogspot.com/2016/01/who-said-stpac-construction-cost-went.html

 City of Greensboro Tax Dollars at Work; "Mayor to form arts task force"; Vaughan has no sense of shame or fiscal/political responsibility

 http://greensboroperformingarts.blogspot.com/2015/12/city-of-greensboro-tax-dollars-at-work.html

 Greensboro and oranges; Don and Nancy Vaughan, STPAC, Joe Killian, Allen Johnson, Walker Sanders, Jeff Gauger, Susan Ladd etc...

 http://greensboroperformingarts.blogspot.com/2015/12/greensboro-and-oranges-don-and-nancy.html

 City of Greensboro taxpayers are now directly guaranteeing $3,500,000 STPAC private donor contributions and some Say Yes to Education correlations with Mo Green and Mary Vigue

 http://greensboroperformingarts.blogspot.com/2015/12/city-of-greensboro-taxpayers-are-now.html

 Tonight Greensboro's City Council appears ready to violate an oath of office, which will take place a few minutes before the STPAC vote based on a willful, premeditated fraud on the City's taxpayers

 http://greensboroperformingarts.blogspot.com/2015/12/tonight-greensboros-city-council.html

 On STPAC etc... by the News and Record's Allen Johnson and Doug Clark, in the comments;

 "The council should support this proposal, which it could vote on as soon as Tuesday’s meeting, because it rightly places the focus on arts center users, not all taxpayers."

 Allen Johnson and Doug Clark,
employed by Jeff Gauger
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Control Fraud enabled by Greensboro's News and Record and the City of Greensboro

 http://greensboroperformingarts.blogspot.com/2015/12/control-fraud-enabled-by-greensboros.html
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It's just a flat out lie gentlemen.

 You are lying to your readers.

 Don't you have any sense of right and wrong?

 Some kind of moral compass?

 Something that prevents you from willfully misleading your readers?

 Do you realize you are part of an effort to commit fraud upon the public?

 "Your news is half illusion Allen, Doug, Jeff, Joe etc... 

 You are paid to keep those in Greensboro who bother to read your rhetoric joined to the status quo of our oligarchs.

 Some of the truth which makes it through your news machine is wrapped in layers of manipulation. 

 The public is lied to by our local government, elected leaders and business class and you report it as truth.

 That makes you of them.

 Your newspaper is where the local yokels get informed, government officials flat out lie for a massively corrupt City Council elected with your endorsements.

 The TV stations recycle opinions from the News and Record and Roy's Rhino.

 Greensboro's population has been rendered slaves by your hands via garbage propaganda.

 That's about $12,168,000 in give aways you didn't mention Allen and Doug.

 It's called a lie of omission right after another rigged election.

 Why no disclosure that Arts Greensboro pays the News and Record for puff pieces, and that the $120,000 per year is pie in the sky garbage projections?
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"the Tanger Center for the Performing Arts faces a projected $10.2 million in cost overruns."

 Allen Johnson and Doug Clark
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"additional construction funding support of $3.5 million from private donors and $9.6 million from patrons"

 Item 13
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If the cost overruns are "$10.2 million", why do they need $3.5 million "and" $9.6 million = $13.1 million?

 This is yours Allen, Doug, Stephen, Joe, Jeff, Margaret etc...

 http://greensboroperformingarts.blogspot.com/2015/12/on-stpac-etc-by-news-and-records-allen.html

 The STPAC supporters said the cost of building rose...

 http://greensboroperformingarts.blogspot.com/2015/12/the-stpac-supporters-said-cost-of.html

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Monday, January 11, 2016

Roy, Jim, Marty, Tanger, Nancy's and etc's High Colonic; "All the phantom wealth piled up in China's boost phase is now melting down and ...will trigger a meltdown in global phantom assets."

"...The mainstream financial media is delighted to promote the many links between the U.S. and Chinese economies when the two economies are feeding each other's expansion in a tightly coupled virtuous cycle.

Our local media cream themselves
over massively leveraged oligarchs,
siphoning taxpayer funded incentive money
with the help of Greensboro's City Council

...China is integral to the global financial markets, and so its slowdown and capital flight are toppling carry trade and other risk-off financial dominoes.

China is tightly coupled to the U.S. and global economies via capital flows and supply/demand.

If capital flows diminish, 
Greensboro may have a tough time
refinancing more than $100 million in short term debt, 
especially as Puerto Rico among others 
defaults on municipal debt
like the money Nancy Vaughan and friends just chose to borrow by fiat
without a referendum or a public hearing.

But once China's slowdown starts impacting the American economy, the mainstream financial media trundles out the usual pundit suspects to declare that the U.S. and Chinese economies are decoupled...

Just like Greensboro News and Record's Richard Barron
who relatively only interviews and reports 
on what sold out economists spew to the majority of dumb-ass locals
most of whom couldn't figure out they have been robbed
by real estate developers and City Council
like Andrew Brod and Obamacare 

China has provided marginal demand in everything from iron to oil to machine tools. Now that China's demand is faltering, global demand is weakening and profits are collapsing because China provided the critical marginal demand that fueled immense profits.

Which are now disappearing,
but most who read the News and Record don't know
as they were never informed

This decline in marginal demand is crushing commodity-based economies and triggering recessions as profits, sales and wages all decline.

But the STPAC is now more than $10 more
than we were originally lied to about
as gas and construction costs plummet

...The tidal wave of cash flooding out of China has provided marginal demand for high-priced real estate in Europe and the U.S.

Same wave our local developers have been riding
only in derivative

...Now that trillions of yuan of phantom wealth are disappearing in China, those immense capital flows into Western assets are drying up. A staggering percentage of China's household wealth is tied up in illiquid and overvalued real estate.

Not very unlike Greensboro's

Depending on how much leverage, corruption and wealth has piled up ...this phase may last a few years.

Check

...As the economy weakens, the momentum is to the downside.

Everything that worked...every investor and leader was a genius and could do no wrong--reverses: nothing works any more.

How much money has Marty and Roy borrowed to spend
over the last few years,
and how much are they saying they are going to spend going forward?

Seems almost unbelievable, doesn't it? 

...leaders' efforts to reverse the decline are ham-handed failures.

This decline is inevitable in ...economies that play fast and loose with credit/debt and leverage. All the phantom wealth piled up in China's boost phase is now melting down, and ...will trigger a meltdown in global phantom assets."

http://charleshughsmith.blogspot.com/2016/01/the-china-syndrome-coming-global.html
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As markets falter, the News and Record has failed to report the contents and descriptions of the investments pledged for the STPAC and Say Yes Guilford, most of which isn't even in hand yet.
http://www.nasdaq.com/symbol/skt/stock-chart?intraday=off&timeframe=3y&splits=off&earnings=off&movingaverage=None&lowerstudy=volume&comparison=off&index=&drilldown=off
"Naming announcement event!

 On September 9, 2013, we announced the name of the center 
– the Steven Tanger Center for the Performing Arts
– and Mr. Tanger challenged the community to raise $35 million."

 http://tangerperformingarts.com/
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Tanger's stock isn't much higher than 2013 when Steven announced his gift.

 Guess where the money is located.

 Guess where the rest of the money not yet delivered is located.

 What happens if the stock gets cut in half, 
along with a majority of the rest of the pledges?

 Not one Greensboro City Council member
knows what the monies are invested in to my knowledge.
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"Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed REIT, which focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of December 31, 2014 , our consolidated portfolio consisted of 36 outlet centers, with a total gross leasable area of approximately 11.3 million square feet. These outlet centers were 98% occupied and contained over 2,400 stores, representing approximately 380 store brands. We also had partial ownership interests in 9 outlet centers totaling approximately 2.6 million square feet, including 4 outlet centers in Canada."

 http://secfilings.nasdaq.com/edgar_conv_html%2f2015%2f02%2f24%2f0000899715-15-000062.html#FIS_BUSINESS
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"Total Debt/Equity - 2.90" = 290% of equity

 http://www.nasdaq.com/symbol/skt/stock-report
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Debt/Equity Ratio is a debt ratio used to measure a company's financial leverage, calculated by dividing a company’s total liabilities by its stockholders' equity. The D/E ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity.

 The formula for calculating D/E ratios can be represented in the following way:

 Debt - Equity Ratio = Total Liabilities / Shareholders' Equity

 The result may often be expressed as a number or as a percentage.

 ...the debt/equity ratio measures a company’s debt relative to the total value of its stock, it is most often used to gauge the extent to which a company is taking on debts as a means of leveraging (attempting to increase its value by using borrowed money to fund various projects). A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. Aggressive leveraging practices are often associated with high levels of risk. This may result in volatile earnings as a result of the additional interest expense.

 For example, suppose a company has a total shareholder value of $180,000 and has $620,000 in liabilities. Its debt/equity ratio is then 3.4444 ($620,000 / $180,000), or 344.44%, indicating that the company has been heavily taking on debt and thus has high risk.

 http://www.investopedia.com/terms/d/debtequityratio.asp#ixzz3wz8LB9sD
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Tanger's debt appears to be 290% of the value of the shares outstanding
in a recessionary retail environment  
and the News and Record is clueless
as the overwhelming majority of those whose jobs it is to report news
don't understand finance,
and the ones who do, Jeff Gauger for instance, 

won't say anything, because if he did he'd lose his job.
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"19 High Yielding Income Growth Stocks With Low Debt Ratios

 Boardwalk Pipeline Partners (BWP)...The total debt represents 45.01 percent of the company’s assets and the total debt in relation to the equity amounts to 91.28 percent.

 http://www.trefis.com/stock/azn/articles/175801/19-high-yielding-income-growth-stocks-with-low-debt-ratios/2013-03-26

Tanger "Total Debt/Equity - 2.90" = 290% of equity


"Why ONEOK’s Leverage Is a Key Concern for Investors

 ONEOK’s (OKE) current debt-to-equity ratio is 2.2x. In comparison, midstream companies Spectra Energy (SE), Enterprise Products Partners (EPD), Enable Midstream Partners (ENBL), and Enbridge Energy Partners (EEP) have debt-to-equity ratios of 1.4x, 1.1x, 0.4x, and 0.8x, respectively.

 ...Debt-to-EBITDA ratios are often used to assess a company’s ability to repay debt. It’s commonly used by credit rating agencies to determine a company’s credit rating. A lower ratio is considered better. 
http://finance.yahoo.com/news/why-oneok-leverage-key-concern-210859372.html;_ylt=AwrC1TFvSZRWe3kAiAXQtDMD;_ylu=X3oDMTByOHZyb21tBGNvbG8DYmYxBHBvcwMxBHZ0aWQDBHNlYwNzcg--
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"RBS tells investors: 'Sell everything'

RBS has advised clients to brace for a "cataclysmic year" and a global deflationary crisis, warning that the major stock markets could fall by a fifth and oil may reach $US16 a barrel.

The bank's credit team said markets are flashing the same stress alerts as they did before the Lehman crisis in 2008.

"Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small," it said in a client note.

 http://www.smh.com.au/business/markets/rbs-tells-investors-sell-everything-20160111-gm3ssa.html#ixzz3wzBXhHAb
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"...real estate companies usually buy out the entire property, such transactions require large upfront investments, which are quite often funded with a large quantity of debt. One metric that investors pay attention to is the degree of leverage the real estate company has, which is measured by the debt-to-equity (D/E) ratio. In May 2015, the D/E ratio for the real estate sector ranged from 0 to 1,451, and the average was 161.

Tanger "Total Debt/Equity - 2.90" = 290% of equity


A few large outliers in the distribution of D/E ratios in the real estate sector cause skewed results for the average D/E ratio. Analysts often supplement the average metric with the median one to get a sense of the typical D/E ratio. In May 2015, the median D/E ratio was 107.

http://www.investopedia.com/ask/answers/060215/what-average-debtequity-ratio-real-estate-companies.asp#ixzz3wzCH0BhW

No one knows how leveraged Roy and Marty are,
but if the markets crack, 
Greensboro's taxpayers will have been sold a much bigger bridge
than originally anticipated, 
and if so, the blame should be placed on Greensboro's finance department
City Council, and CFGG's Walker Sanders among others
as they misled the public, again

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Friday, January 1, 2016

Sam Hieb; "The city will serve as project manager and approve all construction and professional service contracts, funding the first $18.5 million in construction and equipment costs."

"City will assume new bond debt to close projected $10 million funding gap"

...The original cost estimate for the Tanger Center was $65 million, with the city contributing $30 million in bond debt and the remaining $35 million coming from private donations..."

Incorrect, as multiple earlier estimates were lower

Doesn't mention the interest on the debt, 
or the anticipated ongoing losses, 
or the lies told to make it happen

"The city will serve as project manager and approve all construction and professional service contracts, funding the first $18.5 million in construction and equipment costs."

Weren't they going to hire a "manager at risk"?

"City leaders believe the Tanger Center will continue Greensboro’s downtown revitalization on the northern end of Elm Street. That belief was legitimized in the eyes of many when high-powered developer Roy Carroll announced plans to build a hotel and a mixed use development just a couple of blocks away, across the street from New Bridge Bank Park."

Nice sell out Sam, 
no different than Tony Wilkins

"a good chunk of funding to close the budget will come from ticket fees."

"Those funds are now being “repurposed,” which would raise $3.75 million."

Per year Sam?

Where is the math Sam?

So you agree with the estimates Sam?

"another $2.1 million from boosting the number of VIP parking spaces"

How did you come to those figures Sam?

How many of the extra VIP spaces
 are going to sell for each event Sam?

“I don’t think you can ever say we’ve eliminated taxpayer exposure, but we’ve minimized it,” said Mayor Nancy Vaughan. “We have a phenomenal opportunity to do this with very little risk.”

Sam A. Hieb is a contributor to Carolina Journal.

http://www.carolinajournal.com/exclusives/display_exclusive.html?id=12671

Did Sam Hieb sell out to Roy Carroll,
or did Carolina Journal, or both?

I guess I expected more
from some supposed fiscal conservatives
who supposedly understand basic arithmatic
What did Tony and Marikay say about the bogus math?

Nothing, along with Sam Hieb and Carolina Journal.

Who's the manager at risk Tony, Sam and Marikay?

WTF?
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