CAFR 2017

rights for the facility. The City acquired $11.5 million in land purchases for the project using a short-term note directly placed with a local bank. In August, 2014, City Council approved award of the project design contracts, approximating $5 million, which will be funded with private donations and managed by the City. In December 2014, the City issued a short-term installment financing agreement in the amount of $30 million with PNC Bank to provide funding for its share of the project as construction progresses and to reimburse for land costs funded with the short-term note. In December, 2015, City Council authorized an increase from $30 million to $39.6 million for the City funded portion to cover project cost increases. Permanent financing is expected to be secured for the City in early 2018. 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.

In addition, a large private bequest donating LeBauer Park , a new $10 million public park opened in August 2016. The site is in proximity to the new Tanger Performing Arts Center, featuring the largest outdoor art sculpture in the Southeast, funded by a $1 million dollar grant and designed by internationally recognized artist, Janet Echelman. The park includes a 17,000 square-foot event lawn space with its aerial sculpture, a children’s garden with reading materials from a book cart, an interactive water feature that will serve as an

ice skating rink in the winter, and a dog park equipped with specially engineered turf and anti-microbial backing. The garden pavilion can accommodate concerts and other events with a nearby putting green where visitors can practice their golf skills. This entire project is considered by many to be a key component to vibrancy of the arts community as a whole in the City. The Greensboro Science Center , a three-in-one science destination that includes an aquarium, zoo, and science museum, has seen record attendance numbers in the past two years, jumping from an average of 200,000 to over 400,000 annually with an estimated $25 million economic impact on the community. The Center is on a trajectory to realize its original core vision through a series of ongoing improvements and new exhibits, funded by a $20 million bond referendum (approved by voters in 2009) and private donations. The 22,000 square foot Carolina SciQuarium houses a 119,500 gallon aquarium, North Carolina’s only centrally located “inland” aquarium. The SciQuarium opened in June 2013 and offers a complete immersion experience, with over 300,000 in attendance during the first year of operation. Visitors can engage with animal keepers and educators to learn about the different species of animals and fish. In 2014, the Center received a $1 million private donation for the current expansion of the SciQuarium, allowing for at least 40-50 new species and a focus on ocean conservation. In addition, behind-the-scenes tours and educational SciPods focus on the science of animal care. Also located at the site will be an art gallery, classrooms, and renovations to the museum including “ HealthQues t”, a human health and biology wing. Newly opened in 2015 is SKYWILD , an aerial attraction of ropes, platforms, and zip lines. The aerial obstacle course is designed for education, family entertainment, physical fitness, team-building, leadership training, and pure thrill-seeking. Also opened in 2015 is SciPlayBay , a sea focused adventure for children age seven and under, providing a hands-on interaction and educational experience. Another exhibit being rolled out in 2017 is Prehistoric Passages , a new $2 million interactive

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