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GREENSBORO – Wells Fargo has pledged $250,000 in support of the
planned Steven Tanger Center for the Performing Arts, the Community
Foundation of Greater Greensboro announced today.
“Wells Fargo is proud to support the Tanger Center,” Pete Callahan, regional head of Commercial Banking for Wells Fargo, said in a Community Foundation news release. “This connects directly with the vision and values of our company. We take pride in supporting Greensboro, as well as the arts and culture in our local communities. Our goal is to help build strong and vibrant communities, improve the quality of life, and make a positive difference.”
The $65 million performing center, to be built downtown on land bordered by North Elm and East Lindsay Streets and Summit Avenue, will be financed with $35 million in private donations and $30 million from the city.
Wells Fargo joins other corporate leaders that have pledged support to the Tanger Center, including Lorillard Inc., VF Corporation, Ecolab, Lincoln Financial Group, Morrisette Paper Co., NewBridge Bank, Bank of North Carolina and CityView Apartments, as well as area foundations including the Bell Foundation, the Joseph M. Bryan Foundation of Greater Greensboro, Phillips Foundation, The Cemala Foundation, Tannenbaum-Sternberger Foundation, Zeist Foundation, Toleo Foundation and the Cone Mills Charitable Fund.
“We are so appreciative of this latest show of generosity from our corporate community. Wells Fargo continues to demonstrate the overwhelming, continuing support for this project,” Kathy Manning, who leads the private fundraising efforts, said in the news release.
To date, the Tanger Center has received more than $35 million in commitments, making the project the largest public-private partnership in Greensboro’s history. The Community Foundation, which is assisting volunteer fundraisers who are seeking gifts from the private sector, intends to wrap up the Tanger Center’s major gifts campaign by May 1.
Earlier this month, the Greensboro City Council approved an agreement between the city and The Community Foundation on matters including the design, construction and long-term oversight of the center.
Groundbreaking for the Tanger Center is anticipated to occur this fall, with an opening slated for 2016.
For more information about the Steven Tanger Center for the Performing Arts, visit TangerPerformingArts.com and Facebook.
“Wells Fargo is proud to support the Tanger Center,” Pete Callahan, regional head of Commercial Banking for Wells Fargo, said in a Community Foundation news release. “This connects directly with the vision and values of our company. We take pride in supporting Greensboro, as well as the arts and culture in our local communities. Our goal is to help build strong and vibrant communities, improve the quality of life, and make a positive difference.”
The $65 million performing center, to be built downtown on land bordered by North Elm and East Lindsay Streets and Summit Avenue, will be financed with $35 million in private donations and $30 million from the city.
Wells Fargo joins other corporate leaders that have pledged support to the Tanger Center, including Lorillard Inc., VF Corporation, Ecolab, Lincoln Financial Group, Morrisette Paper Co., NewBridge Bank, Bank of North Carolina and CityView Apartments, as well as area foundations including the Bell Foundation, the Joseph M. Bryan Foundation of Greater Greensboro, Phillips Foundation, The Cemala Foundation, Tannenbaum-Sternberger Foundation, Zeist Foundation, Toleo Foundation and the Cone Mills Charitable Fund.
“We are so appreciative of this latest show of generosity from our corporate community. Wells Fargo continues to demonstrate the overwhelming, continuing support for this project,” Kathy Manning, who leads the private fundraising efforts, said in the news release.
To date, the Tanger Center has received more than $35 million in commitments, making the project the largest public-private partnership in Greensboro’s history. The Community Foundation, which is assisting volunteer fundraisers who are seeking gifts from the private sector, intends to wrap up the Tanger Center’s major gifts campaign by May 1.
Earlier this month, the Greensboro City Council approved an agreement between the city and The Community Foundation on matters including the design, construction and long-term oversight of the center.
Groundbreaking for the Tanger Center is anticipated to occur this fall, with an opening slated for 2016.
For more information about the Steven Tanger Center for the Performing Arts, visit TangerPerformingArts.com and Facebook.
"The $65 million performing center, to be built downtown on land bordered by North Elm and East Lindsay Streets and Summit Avenue, will be financed with $35 million in private donations and $30 million from the city."
ReplyDeleteIt is going to be financed with a loan, possibly from Wells Fargo, using the building as collateral.
If the collateral pledged to back up the loan is more than 50% of the value, Greensboro's taxpayers will be on the hook for donor and interest payment shortfalls, or lose the building to the lender, which may very well be Wells Fargo, from what I've heard.
So, Wells Fargo is helping to pay for the performing arts center so that it will get built then donors will default on their pledges, the building will go into default and Wells Fargo can foreclose?
ReplyDeleteDiabolical!
I hear they are competing for the loan deal.
ReplyDeleteKaplan, Cheney and Carroll among others are helping to pay for the GPAC to profit as well.
ReplyDeleteThe city has never seen where the money is, or what it's invested in, or the binding commitments.
Confirmed it again last Monday.
If the city let's Walker Sanders put up more than 50% of the building as collateral without the city knowing what the risks are, our elected leaders and city staff will have put a whole lot of money on the line without doing enough due diligence.
But in the story above, the News & Record reports the center "has received more than $35 million in commitments." Surely they would not report something like that as a matter of fact without having verified it, right?
ReplyDeleteRoch asks, "Surely they would not report something like that as a matter of fact without having verified it, right?"
ReplyDeleteAn example at the bottom on the linked post should ease your mind...