GREENSBORO, N.C. -- City officials on Monday announced that the proposed Greensboro Performing Arts Center will be named after Steven Tanger, president and CEO of the Tanger Outlets shopping centers, if the city is able to reach its funding goal of $35 million by the end of the year.
City officials made the announcement during a 10 a.m. news conference.
Tanger, who is a Greensboro native, pledged$7.5 million to the center in the form of a "challenge grant."
The pledge, the largest yet for the performing arts center, is contingent on volunteer fundraisers meeting the $35 million goal.
"I am thrilled to be a part of creating a place where families can come together to enjoy and learn about the performing arts," Tanger said. "It is truly my honor to continue our longstanding family tradition of giving back to Greensboro. We intend to build the most beautiful center for the performing arts, with superior acoustics and cutting-edge technology, in the southeastern United States."
The city has already assigned $20 million toward the project. The Tanger commitment brings the totoal of private pledges to $28.3 million, all raised within the last year.
Speaking during the news conference, Tanger said the performing arts center would also result in the creation of more jobs in the city.
A research firm's study presented to the city council in May of last year indicated a performing arts center that holds between 2,500 and 2,800 seats could result in a $7 million annual impact on the local economy.