2023 Annual Comprehensive Report

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-room Hyatt 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. 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 and has remained at $.09 per $100 valuation in FY 2023. The BID contributed approximately $1,494,000 in the fiscal year ended June 30, 2023 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. To accommodate increasing demand for additional downtown parking, the City fully opened a new parking deck in June 2021 with a second deck nearing completion. 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 anticipated to be complete in early 2024. 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. Many of the downtown developments are along Greensboro’s Downtown

Greenway, a “linear park” that allows residents to walk or bike safely across the city, encompassing neighborhoods, restaurants, hotels, entertainment venues and historic sites. This greenway, a collaborative project of the City and Action Greensboro, is part of Greensboro’s Parks and Recreation master plan, Plan2Play. The four-mile downtown pedestrian and cycling loop, funded through a public-private partnership, connects over 100 miles of

existing and 460 miles of planned greenways throughout the area, serving as the hub of the greenway system. Construction costs are estimated at $50 million, with approximately $13 million in private donations and $37 million in public funds from local bond referendums and state and federal funding. In November 2019, the City acquired the rights to the Norfolk Southern Railroad Corridor allowing for the final installation of the Downtown Greenway as well as connectors to the A&Y Greenway that extends beyond downtown. The final installation of the Downtown Greenway is expected to go under construction by early 2024 and the full project

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