Comprehensive Annual Financial Report FY 2016

and business professionals for proposing a Global Opportunities Center in Greensboro that would connect and educate students and businesses in innovative ways to create global business and career opportunities. A regional master plan is in progress to assess the region's assets and possible future infrastructure improvements. The Greensboro-High Point metropolitan area ranked in the top ten once again in 2015 for regions of its size by Site Selection magazine for metro areas enriched by facility project investment from corporations. The ranking is based on the number of projects with capital investments of at least $1 million, and the number of new jobs created or floor-space expansion. Specifically cited by the magazine is the area’s robust workforce that was a factor leading to corporate expansion in the area. In 2015, Kay Chemical, a division of Ecolab , began construction on a 37,000 square-foot office building in Greensboro. The $11 million investment allowed the company to retain 225 administrative positions at risk of being moved to corporate headquarters in St. Paul, Minnesota. Additionally, 45 new administrative jobs will be created over three years, paying an average of $48,029. Ecolab received incentive support from the City of Greensboro and State of NC to expand. Revitalization of downtown Greensboro has been energized with a variety of activities including new housing developments, business location loans, business facade improvement programs, landscaping programs and public safety. In FY 2013, City Council adopted aspects of a “Good Repair” Ordinance to further enhance the attractiveness of downtown sites. In 2005, a $20 million minor league baseball stadium with a 7,499 seat capacity, opened with annual attendance topping 400,000 in each of the past five years. The Greensboro “Grasshoppers” are a Class A affiliate team of the Florida Marlins. The owners of the “Grasshoppers”, Greensboro Baseball LLC, purchased the NewBridge Bank Park for $12.8 million becoming one of just a handful of groups that own the park where their team plays. In FY 2005, a Business Improvement District (BID) was established for downtown Greensboro with an additional separate tax rate assessed for properties within the district boundaries. Currently the tax is $.08 per $100 valuation, down from $.09 at inception of the district rate. The BID generated close to $570,000 in the fiscal year ended June 30, 2016 from property taxes, to be used for downtown improvement projects. Considerable residential development has occurred in the downtown area in recent years, as well as the development of Center City Park, a thriving 2.2 acre $12 million urban park in the heart of downtown. Residents and commuters who work downtown are enjoying the Deep Roots Market, a grocery co-op that specializes in natural and organic foods. Adjacent to this downtown store, is a $6 million, 68-unit luxury apartment complex that opened in June, 2015. This is in addition to the existing 196-unit sister complex that opened in 2012. These developments are along Greensboro’s Greenway, a “linear park” that will allow residents to walk or bike safely across the city. This greenway, part of Greensboro’s Parks and Recreation Master Plan, is a 4.8 mile downtown pedestrian and cycling loop, to be funded through public-private partnership. The greenway will connect the 80-plus miles of greenways and trails that already exist within the City and also connect to a broader network of trails and parks, including statewide efforts such as the Mountains to the Sea Trail. Construction costs are estimated at $26 million with the City contributing up to $7 million from bond funds and $3.8 million from federal and state grant funds to this community project. Portions of Phase I and Phase III of the loop are open with other Phases either under construction or in design. The full project is expected to be completed by 2018. Economic development studies related to greenway projects in Charlotte and Apex, North Carolina and in other states have shown that property values in close proximity to a greenway or park were valued higher and homes in these areas were reported to sell quicker. The greenways reported increased adjacent commercial investment and real estate absorption, which the Greensboro Greenway is already experiencing.

In addition, to aid more thriving development, the eastern entrance to the City is being enhanced with the attractive Gateway Gardens project, another public/private venture. The $8 million project will be developed in phases, with Phases I and II to include a visitors’ center, parking facilities, children’s garden, pedestrian bridges, a central water feature, heritage plaza and garden space. These

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