Downtown Greenway Campaign Hits Major Fundraising Milestone
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Downtown Greenway Campaign Hits Major Fundraising Milestone
Three donations push major gifts effort over the $1.5 million mark
GREENSBORO, N.C. (Dec. 12, 2011) – The Downtown Greenway is one step closer to achieving its major gifts goal of $2.5 million, thanks to three pledges totaling $1 million from Lincoln Financial Foundation, Lorillard Tobacco Company, and VF Corporation.
Lincoln Financial has pledged $500,000 toward the completion of the Downtown Greenway, which is the largest single donation the major gifts effort has seen to date.
“Lincoln Financial is proud to support the construction of the Downtown Greenway, which will help increase the quality of life for both residents and downtown workers,” said Charles C. Cornelio, President of Retirement Plan Services for Lincoln Financial Group and the company’s most senior local executive. “Not only will the project spur economic development and create jobs, but it will also act as a catalyst for connectivity in the downtown area.”
The Downtown Greenway is also expected to increase property values downtown and help grow the total tax value of downtown real estate, as well as make downtown more attractive to businesses. Construction of Phase 1A of the Downtown Greenway, which is slated for completion in March 2012, has created 25 local jobs.
Joining Lincoln Financial in contributing is Lorillard Tobacco Company, which has pledged $250,000.
“We believe that the Downtown Greenway will have many positive impacts on our community,” said Murray Kessler, Chairman, President and CEO of Lorillard Tobacco Company. “As a company with a long track record of community involvement, we’re happy to be able to support this project, which will provide unique benefits to Greensboro.”
VF Corporation has also pledged $250,000 to support the Downtown Greenway.
“At VF, we actively support initiatives in the communities where our associates live and work, and we are pleased to be part of this important effort in Greensboro,” said Eric Wiseman, Chairman and CEO of VF Corporation. “The Downtown Greenway will help bolster economic development efforts and continue to enrich residents’ experience in our downtown area. And we are delighted that our associates at Wrangler will have the opportunity to enjoy the Downtown Greenway on daily basis.”
Susan Schwartz, Co-chair of the Downtown Greenway Campaign Committee said: “The generosity of Lincoln Financial, Lorillard and VF will have a long-term impact on the quality of life in Greensboro.These three donations have pushed our major gifts campaign over the $1.5 million mark, and we’re now focusing on raising the final $1 million from the private sector.”
The total cost for the four-mile loop around downtown is estimated at $26 million. Some $15.5 million has already been raised from public and private sources: almost $8 million from the public sector and close to $7.5 from the private sector.
Among the initial private-sector Downtown Greenway donors, who have contributed a total of $5.87 million, are Cone Health Foundation, The Cemala Foundation, Joseph M. Bryan Foundation, Weaver Foundation, Tannenbaum-Sternberger Foundation and Ellison Foundation.
Public-sector funds, currently totaling nearly $8 million, have come from the City of Greensboro Street Improvement Bonds, Federal Transportation Funds and the National Endowment for the Arts.
“The Downtown Greenway is a great example of how public-private partnerships can have a positive economic impact on the community,” said Greensboro Mayor Robbie Perkins. “We have already begun to see a significant economic benefit from the Downtown Greenway, with local businesses citing the Greenway as a factor in choosing downtown locations.”
“Research shows that each $1 invested in urban green space generates $5 to $12 in private investment and positive economic impact,” Schwartz said. “We expect the public impact of these corporate gifts to be multiplied many times over.”
The Downtown Greenway, cited in 2010 as the top goal in the Greensboro Downtown Economic Development Strategy, will serve as a hub to Greensboro’s extensive trails system, connect more than a dozen neighborhoods, and will provide a place for residents to exercise, will be a venue to showcase public art. Selected as the City’s signature project to celebrate its Bicentennial in 2008, the Downtown Greenway will be a resource that sets Greensboro apart as the only North Carolina city with a greenway encircling its downtown.
For additional information about the Downtown Greenway and how to contribute, contact Dabney Sanders, 336.387.8353, dsanders@actiongreensboro.org.
About Action Greensboro
Action Greensboro is a not-for-profit organization formed in 2001 in response to the changing economy in Greensboro and the Piedmont region of North Carolina. Along with the Greensboro Chamber of Commerce and the Greensboro Economic Development Alliance, Action Greensboro is a member of the Greensboro Partnership. The Partnership was created in 2006 to increase the amount of capital investment in Greensboro and Guilford County and to help leverage the creation of high-technology, high-wage jobs through traditional economic development, programs to encourage business success and initiatives to create a vibrant community. For more on Action Greensboro and the Downtown Greenway, please visit www.actiongreensboro.org, andwww.greenway.boultoncreative.com.
About the City of Greensboro
The City of Greensboro works in partnership with the community to build an increased quality of life for all residents by fostering an environment where inclusion, diversity, and trust are valued. As the seventh largest employer in Greensboro, the City has a dedicated professional staff of 2,700 employees who maintain four core values of honesty, integrity, stewardship, and respect. The City of Greensboro is governed by a council-manager form of government where a mayor and eight council members act as the legislative body. For more information on the City of Greensboro, please visit us online at www.greensboro-nc.gov.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $153 billion as of September 30, 2011. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life, disability and dental insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visitwww.LincolnFinancial.com.
About Lincoln Financial Foundation
The Lincoln Financial Foundation, established in 1962, is the charitable giving arm of Lincoln Financial Group. Under Lincoln Foundation guidelines, grants are made in the areas of arts, education, human services and workforce/economic development. Lincoln Financial has set aside almost $10 million of its pre-tax earnings for charitable causes that support philanthropic endeavors in the communities where its employees work. The Lincoln Foundation allocated more than $1.8 million to support nonprofits in Greensboro in 2011. Since 2006, the Lincoln Foundation has contributed more than $10 million to Greensboro-area nonprofits.
About Lorillard Tobacco Company
Lorillard Tobacco Company is the third largest manufacturer of cigarettes in the United States. Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the U.S. Newport, Lorillard’s flagship menthol-flavored premium cigarette brand, is the top selling menthol and second largest selling cigarette in the U.S. In addition to Newport, the Lorillard product line has four additional brand families marketed under the Kent, True, Maverick and Old Gold brand names. These five brands include 43 different product offerings which vary in price, taste, flavor, length and packaging. Lorillard maintains its headquarters and manufactures all of its products in Greensboro, North Carolina.
About VF Corporation
VF Corporation is a global leader in branded lifestyle apparel with more than 30 brands. The company’s top six brands are The North Face(R), Wrangler(R), Timberland(R), Vans(R), Lee(R) and Nautica(R); other brands include 7 For All Mankind(R), Eagle Creek(R), Eastpak(R), Ella Moss(R), JanSport(R), John Varvatos(R), Kipling(R),lucy(R), Majestic(R), Napapijri(R), Red Kap(R), Reef(R), Riders(R), Splendid(R) and Smartwool(R).
Media Contact:
Dabney Sanders
dsanders@actiongreensboro.org
336.387.8353
Downtown Greenway Campaign Hits Major Fundraising Milestone
Three donations push major gifts effort over the $1.5 million mark
GREENSBORO, N.C. (Dec. 12, 2011) – The Downtown Greenway is one step closer to achieving its major gifts goal of $2.5 million, thanks to three pledges totaling $1 million from Lincoln Financial Foundation, Lorillard Tobacco Company, and VF Corporation.
Lincoln Financial has pledged $500,000 toward the completion of the Downtown Greenway, which is the largest single donation the major gifts effort has seen to date.
“Lincoln Financial is proud to support the construction of the Downtown Greenway, which will help increase the quality of life for both residents and downtown workers,” said Charles C. Cornelio, President of Retirement Plan Services for Lincoln Financial Group and the company’s most senior local executive. “Not only will the project spur economic development and create jobs, but it will also act as a catalyst for connectivity in the downtown area.”