Funds of up to $5 million to pay pre-construction amounts due under the design contracts will be transferred to the City as those contract payments become due, subject to obtaining the Donor Loan Commitment...
...The City will provide $30 million for the land, design and construction of the Tanger Center.
Hasn't the city already provided more than $11 million?
The City will pay its portion of the design and construction costs after the Donor Loan Commitment has been obtained...
...the CFGG on behalf of the Private Donors will have to obtain financing to cover their share of the design and construction costs for the Tanger Center.
If the donors are going to "provide" $35 million with a loan,
with who's money are they going to pay how much interest over 10 years?
It is understood that both the City and the Private Donors may need to use a portion of the Tanger Center as collateral for that financing.
It is agreed that the ownership of the Tanger Center will vest in the City once the financing repayment obligations of the Private Donors are satisfied, which is expected to occur no later than 10 years after the opening of the Tanger Center..."
Who gets how much of what if the “Donor Loan Commitment” defaults?
The city doesn't need to use the center as collateral,
but the Community Foundation does.
On the Community Foundation's ability to guarantee $30 million for the GPAC
Community Foundation Administrative Fee Schedule; "Investment expenses are charged to each fund in addition to the costs..."
On GPAC and the Bessemer/Renaissance shopping center deal correlations
Greensboro City Council Members voting on the GPAC are fiduciaries for Greensboro's taxpayers
GPAC Mess from the Rhino and News & Record; Sounds like the Community Foundation actually has $5 of $35 million
The Rino's John Hammer Carrying Roy Carroll's GPAC position, and the local Republican establishment
Greensboro's taxpayers do not know the following GPAC financing information after spending more than $11 million so far
Financially sustainable GPAC financing math and governing structure
The Rhino on GPAC/TPAC Line of Credit; "the term “letter of credit” was used loosely"
David Hagan's return on his $1,000 Robbie Perkins' Contribution; 58,600%, or $586,000
News & Record Letter to the Editor; David Hagan’s commissions don’t serve taxpayers
Answer from the City of Greensboro on the "binding commitments in private contributions for the GPAC."
On US Senator Kay Hagan's Brother in Law David Hagan, Making a Nice Slice off Greensboro's Taxpayers while Sitting on CFGG's Board
The City of Greensboro's GPAC operating loss pro forma that doesn't include debt service
On GPAC; If AMS projected 149 events, why is the City of Greensboro saying 180 with 100% sold premium parking at every show?
Kathy Manning, Randall Kaplan's wife, lobbying for a GPAC and their new hotel
On GPAC and the Community Foundation
Nancy Hoffman's perfectly legal contributions from GPAC task force members, as confirmed by city attorney S. Mujeeb Shah-Khan
Theoretically, the new GPAC proposal could work if...
Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats
On the $10 million GPAC bond and parking math