2020 Comprehensive Annual Financial Report

The City created the South Elm Street Redevelopment District as part of an initial $11 million redevelopment project on 10 acres of abandoned property located on the south side of town. In 2011, the Redevelopment Commission of Greensboro selected South Elm Development Group as the master developer to oversee the development components of the project. The plan includes a collaborative teaching facility with nearby universities, mixed- use commercial, retail and residential buildings

complemented with generous pedestrian plazas, passageways and sidewalks linking area buildings creating a vibrant community. One of the first developments in the district was the Union Square Campus . In 2017, the Construction Professionals Network of North Carolina announced Union Square Campus as the winner of the annual Star Award, given for an outstanding construction project between $10 million and $25 million. Phase I of the downtown university campus project was completed in August, 2016 with the opening of an 85,000 square-foot building to house the Bachelor and Doctor of Nursing programs and a simulated surgical lab. The $37 million healthcare-related project was jointly planned by NC A&T State University, UNC Greensboro, Guilford Technical Community College and Cone Health. A 7.5 acre site was selected in Greensboro’s South Elm Redevelopment area, of which 2 acres was donated by the City for this first phase of the project. City leaders also authorized funding up to $500,000 in other infrastructure improvements as well as building parking spaces associated with the building. Phase II of this project will focus on cybersecurity and product design while promoting global business and other areas of economic development and will include construction of adjoining office and retail space and apartments. Funds for Phase II of Union Square Campus will come from the companies that take part in this phase and is projected to be at least three years away before ground breaking begins. The fully developed project is envisioned to involve seven educational institutions and to be funded with public, private, state and federal grant contributions. The estimated long-term economic impact of this project is more than $500 million, according to a recent economic analysis study. Across from Union Square Campus, developers announced plans to build more than 90 apartments, town homes, and row houses. The proposed $27 million Southside Redevelopment Project will be instrumental in helping to revitalize the neighborhood that has been a major focus for City planners for over a decade. The City of Greensboro has required the developer to offer 51 percent of its units as affordable housing for people who earn up to 80 percent of the area’s median income. Other town homes and condominiums are expected to sell for between $150,000 and $250,000, providing an opportunity for more people to own real estate in downtown Greensboro. The project is expected to be completed in 2021. In April 2019, the Gateway University Research Park unveiled its new name of Gateway Research Park , creating a shorter name with a broader community reach. In December 2011, the Gateway University Research Park opened the Joint School of Nanoscience and Nanoengineering (JSNN) located in east Greensboro. The 105,000 square-foot, $65 million building houses the most significant academic collaboration to date between UNC Greensboro and NC A&T State University. The program and the building itself were designed to foster interaction among the students and across specialties such as biology, engineering, and technology. The JSNN offers graduate degrees in nanoscience and nanoengineering which is expected to generate as much as $500 million in economic activity. The school has also formed the Nanomanufacturing Innovation Consortium, a partnership between JSNN and area businesses, which has grown to twenty-five members. In fall 2018, the research park opened its third facility; a new 70,000 square-foot clean room. This $12 million building is anchored by Core Technology Molding Corporation, a minority-owned innovative company that manufactures plastics, including injection molding for major companies around the world such as Merck Inc. Core Tech’s XII