GREENSBORO, N.C. — The Greensboro City Council has reportedly approved $20 million in funding for the construction of a downtown performing arts center.
Mayor Robbie Perkins tells the Greensboro News & Record that the decision provides a foundation upon which private fundraisers can base their efforts in raising another $20 million for the proposed center.
In total, the center is expected to cost $60.5 million.
The News & Record reports it is not yet known where the other $20.5 million in funding would come from, and there is still no guarantee that the center will be constructed.
According to the paper, the city’s portion of the funding would be borrowed. Half of the bonds would be repaid through ticket surcharges and parking fees, while the other half would come from hotel and motel taxes.
The Guilford County Board of Commissions still needs to approve the hotel-motel part of the deal, City Manager Denise Turner Roth told the News & Record.
Read more: News-Record.com