2022 Annual Comprehensive Financial Report

In the City’s downtown area, a Business Improvement District (BID) was established in FY 2005 with an additional separate tax rate assessed for properties within the district boundaries. The district tax increased from $.08 to $.09 per $100 valuation in FY 2022. The BID contributed approximately $1,213,000 in the fiscal year ended June 30, 2022 for downtown improvement projects. A variety of activities have been completed, including new housing developments, business location loans, business facade improvements, landscaping and public safety programs. In 2005, a $20 million minor league baseball stadium with a 7,499 seat capacity, opened with recent annual attendance averaging 316,000 for the five year period 2016 through 2022, excluding 2020 and 2021 during the coronavirus pandemic. The Greensboro “Grasshoppers” , a South Atlantic League member, are a Class A affiliate team with the Pittsburgh Pirates. The owners of the “Grasshoppers”, Greensboro Baseball LLC, purchased the First National Bank Field for $12.8 million, becoming one of just a handful of groups that own the park where their team plays. Just south of First National Bank Field is the planned $140 million Carroll South of Ballpark mixed-use impact project that includes a

proposed 20-story office tower, hotel, 280 apartment units, restaurants, conference center and street level retail shops. “ Project Slugger” , a nine-story office and retail development project overlooking the stadium, opened at the end of 2020. First National Bank has its new market headquarters in the approximately 110,000-square-foot building. Carroll at Bellemeade , a luxury mid-rise hotel and apartment project also located next to the First National Bank Field, opened in March 2019 with a 110-roomHyatt Hotel and 289 apartment units. Both projects include upscale apartments and amenities with millennials in mind and are within walking distance of the baseball stadium and the Steven Tanger Center for the Performing Arts. In addition to the Hyatt Place Hotel that is part of the Carroll at Bellemeade mixed-use project, CN Hotels completed its new Hampton Inn & Suites , located near the downtown governmental plaza, in June 2022. The 120-room hotel, includes a 1,522-square-foot conference center and board room. To accommodate increasing demand for additional downtown parking, the City fully opened a new parking deck in June 2021 with a second deck underway. The City purchased property from Guilford County to construct the Eugene Street parking deck adjacent to First National Bank Baseball Park. This deck, the first downtown parking deck the City has built in more than 30 years, supports existing and projected parking demand for the nearby hotels, retail and the mixed-use building project known as “Project Slugger.” The second parking deck, February One, is currently in progress. The two parking decks will provide approximately 1,666 additional parking spaces and cost an estimated $61 million. The debt on these projects will be paid with revenue generated from parking fees and property/sales taxes generated from new downtown development of approximately $170 million and additional General Fund support.

XII