2019 Comprehensive Annual Financial Report (CAFR)

network expansion and transit time acceleration plan to boost daily package volume capacity and further enhance the speed and service capabilities of its network. To further augment this growing logistics network, United Parcel Service (UPS) Ground has a more than 280,000 square-foot small package operations hub capable of sorting more than 59,000 packages per hour. UPS Freight has a facility which moves approximately 1 million pounds of freight daily. Together with its High Point operations, UPS employs over 2,000 people in the area (Greensboro Economic Development Alliance).

In the City’s downtown area, a Business Improvement District (BID) was established in FY 2005 with an additional separate tax rate assessed for properties within the district boundaries. Currently the district tax is $.08 per $100 valuation. The BID contributed approximately $920,000 in the fiscal year ended June 30, 2019 for downtown improvement projects. A variety of activities have been completed, including new housing developments, business location loans, business facade improvements, landscaping and public safety programs. In FY 2013, City Council adopted aspects of a “Good Repair” Ordinance to further enhance the attractiveness of downtown sites. In 2005, a $20 million minor league baseball stadium

with a 7,499 seat capacity, opened with annual attendance averaging 348,000 for the past five years. The Greensboro “Grasshoppers” , a South Atlantic League member, are a Class A affiliate team with the Pittsburgh Pirates. The owners of the “Grasshoppers”, Greensboro Baseball LLC, purchased the First National Bank Field for $12.8 million, becoming one of just a handful of groups that own the park where their team plays. Adjacent to First National Bank Field, a $24 million, nine-story office building, named “Project Slugger” , is currently under construction with completion planned for summer 2020. The building will be integrated into the ballpark’s entrance and overlook the stadium, maintaining many of the thematic elements of the ballpark. First National Bank will have its new market headquarters in the tower, along with retail space and a restaurant on the first floor and approximately 65,000 square feet of office space. Since the opening of the baseball stadium, multi-use development projects have been underway in the area surrounding the stadium, including a $140 million mixed-use impact project that will include a 200,000 square- foot, 20-story office tower, a 150-room hotel, 280 apartment units, restaurants, a conference center and street level retail shops. Phase I is anticipated to start in spring 2020 and will include a hotel and 80 apartment units. Carroll at Bellemeade, a luxury mid-rise hotel and apartment project also located next to the First National Bank Field, opened in March 2019 with a 110-room Hyatt Hotel and 300 apartment units. Both projects include upscale apartments and amenities with millennials in mind and are within walking distance of the baseball stadium and the Steven Tanger Center for the Performing Arts, which is currently under construction. In addition to the Hyatt Place Hotel that is part of the Carroll at Bellemeade mixed-use project, another three hotels are planned for the downtown Greensboro area. CN Hotels has begun construction of a 120-room Hampton Inn & Suites near the governmental plaza at the intersection of South Greene and West McGee Streets. The 180 room Westin Hotel at S. Elm Street is also under construction with an estimated completion date in 2020. Finally, future plans are underway for a new, 150-room Aloft Greensboro Hotel at N. Eugene Street near the baseball stadium.

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