2019 Comprehensive Annual Financial Report (CAFR)

In December 2018, there were 685 single-family home closings in Greensboro with a median home price of $182,000, an increase of 5.4% from $172,750, in December 2017. (Greensboro Regional REALTORS® Association) There are currently 10,379 hotel/motel rooms throughout the City comprising 86 hotels. Receipts from the City’s 3% occupancy tax totaled $4,684,823 in FY 2018-19. The Tourism Authority receives 20% of the City’s 3% occupancy tax, with the balance dedicated to debt service related to Coliseum complex improvements. A portion of the County’s 3% occupancy tax is remitted to the City for tourism development activities. Guilford County has a robust and growing tourism industry, maximizing economic impact and vitality in the region. In 2018, Guildford County was the third in visitor spending at $1.49 billion among all North Carolina counties. The Greensboro Coliseum Complex continues an estimated $85 million in capital improvements scheduled from 2010 through 2019, financed by Limited Obligation Bonds and funded by Hotel/Motel occupancy tax collections and $8 million in grant funds. The venues renovated at the Coliseum Complex include the Arena, Special Events Center, Greensboro Aquatic Center (GAC) and an auxiliary building that houses the Greensboro Convention and Visitor’s Bureau. The projects consisted of replacing and realignment of arena seating, widening concourse areas and concessions, scoreboard and lighting updates, new viewing platform and lounge, new entrances for accessibility, and enclosing entrances for energy savings and security control. More recent improvements, include roof replacements, renovations to the Convention & Visitors Bureau , a new $8.2 million pool at the GAC, $2 million in technology improvements, and $1.2 million for improvements to the North Lobby and parking facilities. Funding was also used for the new NBA Charlotte Hornets G-League team, the Greensboro Swarm. The Coliseum Complex Pavilion has been home court for the team with $6 million in renovations completed in October 2016. The project encompassed a complete transformation of the existing 30,000 square foot pavilion structure into a classic 2,300 seat basketball Fieldhouse, including construction of a new standing seam metal roof, new exterior glass storefront, new exterior architectural facade finishes, and approximately 10,000 square feet of additional team support space for locker rooms and showers. The venue is also designed to accommodate other Coliseum events. The Coliseum Arena hosted the Atlantic Coast Conference (ACC) Men’s Basketball Tournament for three seasons from 2013 to 2015 and will again host in 2020. It has also hosted the ACC Women’s Basketball Tournament since 2000, with the exception of 2017, and will continue to do so through 2022. The Greensboro Area Convention and Visitor’s Bureau estimates an economic impact of more than $27 million for the ACC tournaments. The Coliseum will host the first and second rounds of the 2020 NCAA Men’s Basketball Tournament. The Coliseum also hosted the 2016 USA Masters Games, as well as the 2015 U.S. Figure Skating Championships, an event that made a highly successful North Carolina debut in 2011 and is planned again for 2020. The White Oak Amphitheatre is located on the southern end of the Greensboro Coliseum Complex campus. The Amphitheatre features a seating capacity of 7,061, including more than 2,000 reserved seats and general admission lawn seating for more than 5,600 patrons. This facility hosts a diverse selection of community events, music, arts and crafts and festival type events. The venue also supports entertainment at the annual Central Carolina Fair. The name White Oak was selected in honor of the City of Greensboro’s “official” tree and a grove of white oaks surround the venue’s seating area. The traditional amphitheater season is a six-month schedule of events running from May through October. The ACC Hall of Champions opened in 2011 and honors the league’s schools, athletes and coaches with displays of artifacts and interactive games to celebrate the storied history of the ACC conference. The facility is open three days per week to the general public and also hosts special group tours. Funding of the $2.3 million project was provided by the State of North Carolina for tourism and economic development activities. The

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