COG Comprehensive Annual Financial Report

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. According to Business North Carolina Magazine, Cone Hospital ranked as the fourth best hospital in the State in 2018. The ranking identifies organizations that excel in patient satisfaction, safety, and low readmission and mortality rates for common conditions and procedures. The Greensboro area economy remained stable in 2018. The Gross Metropolitan Product (GMP), measuring the total output of goods and services ranked the Greensboro/High Point metro in the top 20% nationally with total GMP of $41.5 billion, up 17.5% in the past five years (U.S. Bureau of Economic Analysis). The number of single-family residential building permits in the Greensboro-High Point Metro area increased by 5.7% YTD. (U.S Census Bureau). Unemployment continued to fall in Greensboro with the average unemployment rate through July 2018 at 4.6%, down from 5.0% in the previous year. (US Bureau of Labor Statistics). The most recent Census Bureau data indicates that Median Household Income in Greensboro rose to $47,043, up slightly from $45,064 in the previous year. In the Triad region, apartment rental demand continues to be healthy with an average vacancy rate of 5.5%, down from 6.0% at the same time last year. (Real Data, April 2018) There are currently 9,905 hotel/motel rooms throughout the City comprising 87 hotels. Receipts from the City’s 3% occupancy tax totaled $4,240,379 in FY 2017-18. The Tourism Authority receives 20% of the City’s 3% occupancy tax, with the balance dedicated to debt service related to Coliseum complex improvements. A portion of the County’s 3% occupancy tax is remitted to the City for tourism development activities. The Greensboro Coliseum Complex continues an estimated $85 million in capital improvements scheduled from 2010 through 2019, financed by Limited Obligation Bonds and funded by Hotel/Motel occupancy tax collections and $8 million in grant funds. The venues renovated at the Coliseum Complex include the Arena, Special Events Center, Greensboro Aquatic Center (GAC) and an auxiliary building that houses the Greensboro Convention and Visitor’s Bureau. The projects consisted of replacing and realignment of arena seating, widening concourse areas and concessions, scoreboard and lighting updates, new viewing platform and lounge, new entrances for accessibility, and enclosing entrances for energy savings and security control. More recent improvements, include roof replacements, renovations to the Convention & Visitors Bureau, a new $8.2 million pool at the GAC, $2 million in technology improvements, and $1.2 million for improvements to the North Lobby and parking facilities. Funding was also used for the new NBA Charlotte Hornets G-League team, the Greensboro Swarm. The Coliseum Complex Pavilion has been home court for the team with $6 million in renovations completed in October, 2016. The project encompassed a complete transformation of the existing 30,000 sq. ft. pavilion structure into a classic 2,300 seat basketball Fieldhouse, including construction of a new standing seam metal roof, new exterior glass storefront, new exterior architectural facade finishes, and approximately 10,000 square feet of additional team support space for locker rooms and showers. The venue is also designed to accommodate other Coliseum events. The Swarm’s 50-game season schedule includes 24 home games played at the Coliseum Fieldhouse .

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