N&R reports the Steven B. Tanger Center for the Performing Arts will open in 2017. That’s later than originally planned, but “city officials say the delay was worth it to make sure the financing was secure.”
At issue is the nonprofit Community Foundation’s portion of the $65 million center. The city’s kicking in $30 million with the rest coming from the Community Foundation, ostensibly through private donations.
Community Foundation president Walker Sanders said all along a loan would have to be secured to cover the donations and that the foundation alone would be responsible for the loan should the donations come up short. Hopefully everything will go as planned and the city will not end up picking up the other half of the funding as well.
