According to a report on The Business Journal web site ". . . . public hearings on the plan would likely be held this summer, with site acquisition and preparation to follow a city approval of the plan. A developer, or multiple developers, could be chosen in mid-2007. . . . .
Financing for the project could come from a variety of available tax credits, as well as revenue bonds and project-increment financing, which was approved by the state in 2004."
This reports indicates that the City of Greensboro will be using its ability (granted by Amendment 1) to sell bonds (which means borrow money) without voter approval.
I still can't believe that the voters of NC knew what they were doing when they approved Amendment 1. What a mess this is going to be.
Other thoughts about South Elm Plan
and from Ed Cone's blog
Read more at: http://www.bizjournals.com/triad/stories/2006/02/13/daily20.html?f=et84&hbx=e_du
and at: http://edcone.typepad.com/wordup/2006/02/south_elm_and_l.html