2021 Annual Comprehensive Financial Report

refrigerated and frozen foods warehouse and distribution center. In October 2020, Publix announced a 1.2 million- square-foot dry goods expansion, increasing the total facility to 3.0 million-square-feet. Completion, including the expansion, is expected by fourth quarter 2022, three years ahead of schedule. 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’s list of World’s Most Admired Companies in the Food & Drugstores sector, ranked Publix number one on their 2021, 2020 and 2018 list and number two on their 2019 list. 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. Soon after the Women’s hospital moved to its new location, the original hospital building was quickly transformed into a Covid-19 stand-alone facility and re-opened on April 13, 2020 to rapidly address the immediate needs resulting from the pandemic. The converted hospital treated 4,700 Covid-19 patients with its peak patient count of 116 in January 2021. Cone Health closed the Covid-19 hospital on March 5, 2021 as cases and hospitalizations declined. As a result of Cone Health’s quick and innovative response to the pandemic, it was named one of 103 hospitals in 28 countries to receive the Beyond the Call of Duty for Covid-19 recognition badge from the International Hospital Federation (IHF). In August 2021, Cone Health announced plans to invest $34 million to bring new and expanded heart care and interventional radiology services as well as redesigned breast care facilities to Alamance Regional Medical Center, adding 14,000 square feet and renovating approximately 49,000 square feet. The expansion project is expected to take over two years to complete. In 2018, Cone Health 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. 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. Healthgrades ranked three Cone Health hospitals; Annie Penn Hospital, The Moses H. Cone Memorial Hospital and Wesley Long Hospital, among America’s 100 Best Hospitals for Orthopedic Surgery (for 2 years in a row) and Joint Replacement (for 3 years in a row). These three hospitals are the only North Carolina hospitals to receive this ranking. Healthgrades is a leading resource that evaluates the performance of nearly 4,500 hospitals for 32 common procedures and conditions. 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

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