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City Spending $11 Million on Property for GPAC

11:06 PM, Sep 17, 2013   |    comments
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Greensboro, NC -- The Greensboro Performing Arts Center's thumbprint and name is changing.

The city council voted Tuesday night to buy two more pieces of property, where the complex will be built.

The city's budget for buying land increased by $3.9 million but the budget for the entire project is still the same.

The properties are 300 and 322 North Elm Street. The city also voted to build on 127 Summit Avenue, but they already own that property.

The city will spend $11,342,398 on seven pieces of property. The council voted to finance this through Bank of America but the interest rate on that loan is not yet known.

City leaders told News 2 they are expecting to spend an extra $20 million on interest fees to finance their $30 million commitment.

Still, City Councilman Zack Matheny says they are very careful with how they budget this money.

"I think the numbers are conservative, the private donations have far exceeding expectations. We will do a construction-manager at risk program which means if it were to go over, then that would be the construction manager's risk - not the city of Greensboro. That's a very important aspect," explained Matheny, Greensboro City Council.

At this point, the property is the only known cost of this project. There are no final numbers on construction, furnishings, or stage equipment but Matheny says he hopes to have those numbers by the end of the year.

The council voted to approve the name "Steven B Tanger Center for Performing Arts" for the GPAC. Tanger pledged to donate up to $7.5 million if the private fundraising goal of $35 million is met by the end of this year.

The council also voted to toughen the city's noise ordinance. Outdoor amplified sound is now prohibited after 11 p.m. There are exceptions for restaurants that have "piped music" or show sporting events on outside televisions. That noise is still limited to 70 decibels. Other exceptions will be made for businesses like drive-thru fast-food restaurants that use outside speakers. 

WFMY News 2, The City of Greensboro

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