2021 Annual Comprehensive Financial Report

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 about one year 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. 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 manufacturing operations supports the auto, aerospace and medical industries. With Core Tech already manufacturing vaccine plunger rods for plastic syringes in the millions, production is projected to climb into the hundreds of millions to support future vaccines thereby doubling Core Tech’s annual revenue. The company’s close collaboration with various industries as well as the JSNN located next door, continues to attract both global customers as well as local commercial and corporate entities. The City of Greensboro funded $1.2 million for the project. The projections for Gateway’s 75-acre South Campus include 10-12 additional buildings, driving greater economic growth.

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