2020 Comprehensive Annual Financial Report

The Greensboro-High Point metropolitan area ranked in the top ten for the past nine years for regions of its size by Site Selection magazine for metro areas enriched by corporate capital investment. The ranking is based on the number of projects with capital investments of at least $1 million, related floor-space expansion, and the number of new jobs created. In 2018, Publix Super Markets announced plans to open a new distribution center in eastern Greensboro bringing 1,000 new jobs paying an average annual salary of $44,000. In February 2020, construction began on the 1.8 million-square-foot distribution center, the largest distribution facility in the region. Construction is expected to be completed in 2021. To secure the estimated $400 million investment, the NC State Economic Investment committee approved a $15.9 million incentives package requiring a $300 million investment and 1,000 new jobs created by 2025. In addition, Guilford County has committed to an estimated $17 million in property tax incentives and Greensboro’s City Council has approved up to $20 million in similar incentives. The distribution center will produce an estimated incremental increase in tax revenue of $19.9 million over 10 years and have an economic impact of $1.38 billion over 12 years. Publix is a privately held, employee-owned company with operations throughout the southeastern United States, including nine distribution centers. Fortune magazine ranked Publix number one on their 2018 list, number two on their 2019 list and again number one on their 2020 list of World's Most Admired Companies in the food & drug stores sector. In 2016, Kay Chemical, a division of Ecolab , completed construction of a new 36,000 square-foot office building and existing building renovations in Greensboro. The $11 million investment allowed the company to retain 225 administrative positions at risk of being moved to corporate headquarters in St. Paul, MN. Additionally , 45 new administrative jobs were added over a three-year period. The company expansion included a 12,000 square-foot cleanroom manufacturing facility and the purchase of the former Coca-Cola building adjacent to its campus for additional storage space. Kay Chemical specializes in customized programs to meet the unique food safety and sanitation requirements of the Quick Service Retail and grocery markets to global customers such as McDonald’s and Walmart. Communications industry leader, Qorvo , has expanded by buying Amalfi Semiconductor, another cell phone component manufacturer located in California. In December 2015, the company added an additional 100 new jobs over a period of 3 years as part of a $25 million expansion of its Guilford county operations, primarily in research and development. One of the area’s largest employers and few locally headquartered public companies, Qorvo currently employs approximately 1,400 workers in Guilford County. Qorvo is the outcome of a $2 billion merger between RF Micro Devices and TriQuint Semiconductor, an Oregon-based microchip products company. In August 2016, the Greensboro site was named the sole headquarters location. Cone Health received State approval in 2016 for plans to pursue a $100 million project to relocate the standalone Women’s Hospita l to a 196,000 square-foot, 6-story new construction addition on the south side of the existing Moses H. Cone Memorial Hospital. The new facility opened in February 2020. Cone Health has invested $38 million in renovations of operating suites at Wesley Long Hospital and $23.5 million for an emergency MedCenter in Northwest Greensboro to meet the expanding need for emergency medical services in the area. In early 2020, Cone Health began construction on an estimated $64.8 million facility to provide emergency response, radiology, primary care and wellness services. The 150,000-square-foot facility, expected to be completed in early 2021, is located next to the northern section of the new Greensboro Urban Loop. These projects continue to ensure long–term sustainability and transform health care services for the community and add to the substantial investment Cone Health made in its North Tower project, which opened in June 2013. Cone’s Triad Healthcare Network ranks among the top-performing Medicare accountable care organizations in the U.S., according to federal data. Established in 2012, the network includes about 2,000 providers. Business North Carolina Magazine recently released their list of best hospitals in North Carolina with Cone Health tied for the number 1 best hospital in the State for both 2019 and 2020. The ranking identifies organizations that excel in patient satisfaction, safety, and low readmission and mortality rates for common conditions and procedures.

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