2020 Comprehensive Annual Financial Report

revenue generated from parking fees and property/sales taxes generated from new downtown development of approximately $170 million.

Many of the downtown developments are along Greensboro’s Downtown Greenway, a “linear park” that allows residents to walk or bike safely across the city, encompassing neighborhoods, restaurants, hotels, entertainment venues and historic sites. This greenway, a collaborative project of the City and Action Greensboro, is part of Greensboro’s Parks and Recreation master plan, Plan2Play. The four-mile downtown pedestrian and cycling loop, funded through a public-private partnership, connects over 100 miles of existing and 460 miles of planned greenways throughout the area, serving as the hub of the greenway system. Construction costs are estimated at $43 million, with approximately $13 million in private donations and $30 million in public funds from both local bond referendums and state

and federal funding. The final installation of the Downtown Greenway is underway with the City’s purchase from Norfolk Southern of rights to install greenway sections both within and extending beyond downtown. The full project is expected to be completed by late 2021. The Greenway has been a top priority of the Greensboro Downtown Economic Development Strategy with more than $215 million in private investment projects attributing the Greenway as a reason for their location and investment. Economic development studies related to greenway projects in Charlotte and Apex, North Carolina as well as other states have shown that property values in close proximity to a greenway or park were valued higher and homes in these areas were reported to sell quicker. The greenways have also contributed to increases in adjacent commercial investment and real estate absorption, which the Greensboro Greenway is already experiencing. On the eastern edge of downtown near NC A&T University and Bennett College, plans for a new large-scale multi-unit residential and commercial retail development were announced in fall 2018. Aptly named “Greensboro East” , the proposed development would include up to 200 apartments, townhomes, row houses and an anchor grocery store. United House of Prayer, a national Washington D.C. based Church, has had the development in consideration since 2007 when it bought the 14-acre site on East Market Street. The local business community sees this as a much needed boost to the neighborhood, providing services and additional housing options to university students, staff, and local residents. Situated a block away from the future Downtown Greenway, the development would also help to more seamlessly integrate the neighborhood to the rest of downtown Greensboro. Project costs and timelines have not yet been announced. Also on the east side of Greensboro, a $14 million, 300,000 square-foot speculative industrial building was completed at the McConnell Center industrial park. The City of Greensboro extended a $600,000 loan as part of the City’s shovel-ready site program designed to encourage industrial and commercial development. Since its opening in 2016, the building has been occupied by two tenants – Wayfair and R.J. Schreiner Co – for a total of 77 employees on the site. In 2018, Coca-Cola Bottling Company became a third tenant, occupying a 135,000 square-foot space with an investment of $4 million into its operation. Increased demand has caused more speculative building in the City. North of the City’s downtown area, a $100 million redevelopment project on the historic 45-acre Revolution Mill campus continues its expansion with the first phase of construction completed. Notable as the first flannel textile mill in the South and registered on the National Register of Historic Places, the mixed-use site includes 140 apartment units, 100 businesses with 240,000 square-feet of office space, three restaurants, 40 artist studios and open outdoor spaces for live music and movies. Two event centers were also completed with accommodations for up to 475 guests. The planning concept is to create a live-work-play community that IX