2021 Annual Comprehensive Financial Report

will also connect the campus to Downtown Greensboro via the City’s Greenway trails. The project takes advantage of State historic preservation tax credits to aid in financing the investment. Tenants in the Revolution Mill development include LT Apparel Group, a New York based apparel designer and marketer, the first major business tenant, occupying a 12,000 square-foot space with 30 employees. LT Apparel Group plans to make Greensboro its headquarters for the design and artwork for Adidas and Carhartt children’s lines. Eateries can also be found at Revolution Mill including the Kau Restaurant, Bearded Goat, Cugino Forno Pizzeria and Café at Revolution.

Another nearby historic mill was purchased in 2018 with similar plans for conversion to a mixed-use development on 18 acres of land just east of Revolution Mill. The former Proximity Printworks Mill , now on the National Register of Historic Places, served as the first textile printer in the South. A Wisconsin company specializing in urban redevelopment has plans to take advantage of federal historic tax credits and invest an estimated $54 million to convert the 470,000 square-foot mill into an “adaptive reuse project” with 217 mixed income apartments, 9,000 square-feet of retail and restaurant spaces, and 80,000 square-feet of climate-controlled self

storage. The mill project was designed with affordable housing in mind and qualifies for historic tax credits, allowing for 143 of the 217 apartments to be available at 60% of area median income levels and the remaining 74 units at market rate. With groundbreaking in 2018, Printworks Mill completed construction in fall 2020 and is fully occupied. Together with Revolution Mill, these developments will connect to the City’s greenway to form an integrated mill community. In keeping with Council’s strategic focus on spurring economic improvement, the City solicited proposals to develop strategies for economic development in Greensboro that will result in new jobs, investment and business opportunities. This challenge is part of the $1 million grant received by the City from the U.S. Department of Commerce and Economic Development Administration’s Strong Cities, Strong Communities (SC2) program . Greensboro was one of three cities nationwide to receive the grant. The transformative economic development plans for Greensboro were received and checks awarded to six recipients in September 2015. The first place award of $500,000 was presented to a local team of educators and business professionals for proposing the Global Opportunities Center in Greensboro that would connect and educate students and businesses in innovative ways to create global business and career opportunities. With the support of SC2 grant funds, the Global Opportunities Center opened its office in downtown Greensboro in 2016. Greensboro and North Carolina in general are transforming from the traditional manufacturing base noted in the late 80’s and early 90’s to a strong service sector and high-tech presence with significant business diversification in recent years. The Greensboro-High Point metropolitan area ranked in the top ten for the past ten 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 1.8 million-square-foot distribution center in eastern Greensboro, being the largest distribution facility in the region and bringing 1,000 new jobs paying an average annual salary of $44,000. In February 2020, construction began on the first phase, a 940,000-square-foot

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