COG Comprehensive Annual Financial Report

B. Long-Term Financial Planning As of June 30, 2018, the City has $259,112,486 in authorized (2008, 2009, and 2016) and unissued general obligation bonds in the following functional areas to fund various governmental projects. We anticipate phasing the issuance of these bonds over the next five years in accordance with Greensboro’s capital improvement program, Council’s strategic priorities and the economic outlook, and as current bonds mature: Street Improvements $134,036,848 Parks and Recreational Facilities 39,740,536 Economic Development 38,500,000 Housing 25,130,800 Refunding 13,500,000 Greensboro Science Center 8,204,302 The City continues to use a construction-draw note program to fund significant capital improvements with conversion to permanent financing typically within two to three years. This includes a $50 million note, issued in April 2017, for general capital improvements and additional notes of $9.2 million and $5.3 million issued in June 2018 related to the 2016 bond referendum. These short-term notes were refunded in October 2018 with long-term General Obligation Bonds. Other short-term facilities are in place to finance $20 million for additional Coliseum Complex improvements. This short-term note will be refunded in November 2018 with long-term Limited Obligation Bonds. Repayment of the latter is expected from hotel/motel occupancy tax receipts.

The planned $84.7 million project to construct the Steven B. Tanger Center for the Performing Arts (STPAC) in downtown Greensboro continued this past year. With phase 1

construction completed, phase 2 began in late 2017 – construction of the 3,000 seat arts center. The project is being funded by a public/private partnership with $42.8 million in public funds provided by the City and $41.8 million in private funds. The facility will be designed as a multi-use venue with diverse programming for all ages and is estimated to attract 300,000 patrons annually, extending educational opportunities for families through exposure to high quality performances in a local setting. Donor pledges towards funding of the project have exceeded $40 million, including a single private pledge of $7.5 million from Steven Tanger, granting naming rights for the facility. Inside the STPAC will include large lobbies, grand stairs, multiple elevators, pre-functionary spaces, a patio overlooking Lebauer Park and a large backstage working space to support the largest Broadway and traveling PAC shows. The STPAC will permanently include a first class performance line array sound system, an electronic acoustical enhancement sound system for symphonic events, and an LED lighting stage plot to bring the latest in technological enhancements to the state-of-the-art facility. The City plans to pay the debt service associated with such financing from a portion of the County’s hotel/motel occupancy tax revenues, facility fees and parking-related revenues. The estimated completion date for this facility is January, 2020.

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