One who intends to leave others better off for his having existed.

2/24/14

Hello Mr. Hartzman: Below are some of the answers to the questions you have regarding the Civil Rights Museum.


Staff is currently working on the remaining questions.
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Does the Museum’s Landlord stand to earn income from the property under any scenario?

"Possibly, if their museum tour/ticket sales increase."
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Who gets the payments from 2019 to 2044 to US Bank Loan and the SCD Loan?

"If the “right to exercise the option is not exercised in 3 ½ years” then these payments would continue to US Bank and the SCD Loan as these are the Maturity Dates (2044 for each loan). (The City hasn’t seen this Exercise Option in writing but, this has been stated a few times orally) (3 ½ more years would be the end of the Tax Credit Compliance Period)"
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What are the consequences of not assisting with the Carolina Bank Loan?

"The entity would be in default since the July payment was not made and we are now in September."
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Thank you,

Public Information Desk
City of Greensboro
300 W. Washington Street
Greensboro, NC 27401
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Still unanswered;

What are the other "debt payments" does the agenda item refer to, are they clearly tied to the real estate, and what would be the consequences of not assisting with the other debt?

If some loans are unsecured by the property, why should Greensboro taxpayer's bail out non real estate related debt?

Who gets the asset management fee, and is payment of the fee directly related to not having the property foreclosed upon?

If the Carolina Bank loan is guaranteed by the Sit in Movement, which doesn't own the property, why are taxpayers being asked to provide a bailout to "assist with repayment of a loan with Carolina Bank"?

What are the consequences of not assisting with the Carolina Bank Loan?

What would happen if the BB&T loan is defaulted on, relative to retention of the property?

Could Skip, Earl and friends extract salaries as officers/owners of the Sit in Movement or any of the other entities if the city bails them out, after the tax credits expire or at any other point?

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