"On the Steven Tanger Performing Arts Center (GPAC)"
In the article is this
"On February 19, 2013, Zack Matheny offered, and City Council approved, a resolution stating that the city would not allow any municipal funding “until the GPAC Task Force is able to confirm that they have obtained binding commitments for ... private contributions for the GPAC.”
To date, it is unclear if the city has legally binding donor commitments on all $35 million of pledged assets. No one at the city seems to know where all the money actually is or what it’s invested in. Nor do they have a detailed time line showing how it’s supposed to flow in over a 10-year period.
If a large percentage of the pledged money is invested in equities or bonds and financial markets fall, or if interest rates rise from their current low levels, it is uncertain if the pledges will appear without having a detailed understanding of the status of the underlying assets."
and if you want a hilarious take on the Greensboro City Council's meeting last night in regards to the Greensboro Performing Arts Center check out BLANK CHECK WILKINS or IGMFUPAC Agreement Approved at Vie De Malchance blog