"One issue the City Council has already considered is that the $35 million in donations to the Community Foundation be secure. The City Council doesn’t want to go looking for the Community Foundation’s $35 million and not find all of it.
The city has stated that the Community Foundation will have to provide a letter of credit guaranteeing the donations.
Roth said the term “letter of credit” was used loosely, but that there would be some sort of financial security to back the pledges.
Roth said, “We put in ‘letter of credit’ to make it simplistic.”
Roth said the city’s bond counsel will have to approve “some level of financial backing” to make sure the city isn’t responsible for private-sector pledges. She said, “That is what we’re working through now.”
“It won’t be just somebody’s word or a handshake or a promise to pay,” Roth said. “It will be a financial security.”
Answer from the City of Greensboro on the "binding commitments in private contributions for the GPAC."
No binding commitments and no letter of Credit
On the Community Foundation's ability to guarantee $30 million for the GPAC
On GPAC and the Community Foundation; From what I understand, the Community Foundation intends to bring in $30 million and use a line of credit from an unknown bank to pay for GPAC construction etc...
What guarantee does the City have that "over $20 million in private funds pledged for the GPAC" will be received?
Once private donations are confirmed [meaning they are not], the Community Foundation will provide a “Letter of Credit” to the City, prior to the start of the project, from which funds may be drawn down as the project is constructed. The Community Foundation will, in effect, obtain a line of credit from a bank at an agreed upon interest rate. The donors will pay the bank’s line of credit back and the Community Foundation will be responsible for the interest charged.
Robbie Perkins' New Problem
Election Eve Dinner & Debate
Monday, November 4, 2013.
6:30pm until 8:30pm
Topic: Tuesday's Election
Likely issues; Greensboro Performing Arts Center, Civil Rights Museum, Coliseum and Police Issues, Local and
National Political Ethics, the Affordable Care Act (Obamacare) and Entitlements, 2012’s Guilford County Real Estate
Revaluation, Legal Ethics, Economics, Fun and Whatever Comes Up
From beginning to end, attendees will have the opportunity for 60 seconds to present any point of view on any subject.
Others can have 30 seconds to respond, before another topic begins, if not by a member of the audience, then by the moderator.
Audience participation is not mandatory
The format is designed after a class I have moderated at the Shepard's Center of Greensboro.
Moderated by George Hartzman, Chief Economist and Lecturer
Think Professional Education
No cost with the purchase of a Golden Corral meal.
Meeting room doors open at 6pm, with the event beginning at 6:30
2419 Lawndale Dr, Greensboro, NC