2020 Comprehensive Annual Financial Report

Charleston, including Greensboro en route. In northern Greensboro, U.S. 29, between Danville and Greensboro, has also been designated as Interstate 785.

Located at the center of North Carolina and the midpoint of the East Coast, Greensboro is strategically positioned at the hub of a dynamic region for major transportation, logistics, manufacturing and service industries. In addition, half of the U.S. population is within 650 miles (1,046 km.), another major advantage. With the significant presence of Federal Express and Honda Aircraft, the region continues to build on the strengths of its geographic location positioning the Triad as a global “aerotropolis” and logistics center on the U.S. East Coast. The Urban Loop , a 44-mile state- constructed beltway around Greensboro, is in progress at a cost of approximately $1 billion, funded by the N.C.

Legislature. There are two projects in various stages of construction that will complete the loop around the city, starting at the western end at Lawndale Drive and working eastward to U.S. 29. The Southern, Eastern and Western portions of the loop have been completed and are currently open. The Northern section, with just 5.3 miles remaining, will conclude the entire project with anticipated completion by 2021. Major industrial and business parks , with fully developed infrastructure, continue to develop in and around PTIA. Existing office and industrial facilities located within 2½ miles of the I-40 airport exit include more than three million square feet of office, office/showroom, warehouse/distribution, light industrial and hotel space. The Federal Express air and ground facilities continue to generate more demand for office and other tenants associated with operations that need to be close to a logistics hub. Eight tracks of developable land, either with current or future runway access are being offered, with all utilities to the sites already installed. The developed area adjoining PTIA is anticipated to produce nearly 18,500 jobs, $3.2 billion in economic impact and more than $113 million annually in state and local tax revenue. City leaders continue to work with economic development officials in the region related to development of potential “ Megasites ”, those locations typically greater than 1,000 acres that could house a large manufacturing facility, such as an auto assembly operation. In particular, two sites within twenty-five miles of Greensboro in nearby Randolph and Chatham counties could offer 1,825 and 1,800 acres, respectively. In June 2016, the Greensboro-Randolph megasite received industrial site certification designating the site as construction ready for a large-scale industrial user. The City of Greensboro has been working to provide needed water and sewer infrastructure to the Randolph site. The first phase of this project began in fall of 2020. The Chatham site received official state certification as a megasite in June 2014 and was selected to participate in Duke Energy’s Site Readiness Program that helps officials recruit major industries. In support of these initiatives, a nonprofit foundation, Golden Leaf, awarded $11 million in grant funding - $7 million allocated to water and sewer line construction for the Greensboro-Randolph Megasite, and $4 million for water and wastewater infrastructure at the Chatham-Siler Megasite. Piedmont Triad International Airport (PTIA) , located just eight miles from the City’s downtown area, is a major commercial and private aviation center that is owned and operated by the Piedmont Triad Airport Authority (the “Authority”). Situated along an aerospace-heavy corridor of Interstate 40, PTIA is at the center of a job-rich region for aircraft, manufacturing, aircraft parts supply and aviation repair and maintenance. The V