The Steven Tanger Center for the Performing Arts has been a huge success since it finally opened Sept. 2, 2021, setting numerous records for attendance.
The Tanger Center was scheduled to open on March 20, 2020, but COVID restrictions delayed that opening for over a year.
Because of the success of the Tanger Center, at the Tuesday, Dec. 19 City Council meeting, the council approved transferring $1.5 million from the Tanger Center operating fund to the Tanger Center General Capital Improvements Fund.
Mayor Nancy Vaughan said that this was not allocating money to the Tanger Center, but, “This is to be able to spend some of the money the Tanger Center has made.”
The agenda attachment states, “In each of the past two (2) full years of operation of the Steven Tanger Center for Performing Arts, facility and other revenues exceeded expenses (including covering debt service of approximately $2.8 million). No General Fund or taxpayer support has occurred. As such, available funds were accumulated in fund balance in the Tanger operating fund and were designated for future debt service ($500,000) and future capital improvements ($1,000,000) as of June 30, 2023, allowing the City to build up reserves in the enterprise fund for these purposes.”
Many people have expressed concern that the method of financing the Tanger Center without using property tax dollars would not be successful and the City Council would have to dip into tax revenue to make up the difference. The fact that the Tanger Center has been able to pay all its expenses and has enough excess revenue, what some might call profit, to transfer $1.5 million into a fund where it can be used for improvements is a good indication that the financing method is working even better than projected.
After the 9-0 vote to approve the transfer of $1.5 million to the capital improvements fund, Vaughan said, “This is money that the Tanger Center has earned that we are allowing them to spend.”
Not shocked at the success of the center. I have been to several shows there and hope to continuing going.
Yes, very successful for the elite only. 75% of Greensboro can’t afford the venues there maybe just once a year after saving for it. A Showcase for the Elite only, not equally for the citizens of Greensboro…
I certainly don’t consider myself elite and I have been to 8 shows since it opened. Upper-level seats are under $100 for most shows. It is just what you prioritize with the little extra money you have left over at the end of the month.
You are right. Going to these events costs mucho dinero.
Jessie Cook has a niche audience. He leads guitar, along with his ensemble, playing Latin music. They are very good.
We checked prices for their concert at the Carolina Theatre, main room @$100-400+. The $100 seats were in the balcony or at the rear of orchestra. I’m not going to see little bitty people on the state perform on the stage. No. I know a lot of people got to these things, & I also know they put it on the credit card.
The older I get, the more typos I get.
Sadly, under the current economic conditions, there is very little left for frivolities. Anything close to $100 is better spent on fuel to get to that second job, to get the boots resoled or some chow-chow for our staple pinto beans.
Non merde.
Tanger center was having Tony Bennett for the first to appear on the stage. Tony took his heart in San Francisco with him.
Then why is the stage crew so underpaid compared to every other venue in the state? Interesting.
Paying down debt service of how much of a balance? It will take many years of this to pay it off completely. War Memorial got the same rehashed Broadway revivals and smaller than Coliseum acts. ….but with no looming bill coming due every year for probably a decade or more.
The Tanger Center is like a new toy. It is new, shiny, interesting and brings pleasure and happiness. What happens when it becomes not-so-new, mundane, and expected? The accurate measure of the success of the Tanger Center is its appeal long-term, certainly more than two full years. Wishing for its success for a long period of time. It would be interesting to know what percentage of the local population patronized the Tanger Center the last full two years. That will help predict future success.