The Greensboro City Council on Tuesday night approved an agreement between the city and The Community Foundation of Greater Greensboro regarding the governance structure of the Steven Tanger Center for the Performing Arts.

The agreement — called a “Memorandum of Understanding” — sets into motion the creation of a new nonprofit entity that will manage the Tanger Center. (CLICK HERE TO READ THE AGREEMENT). The nonprofit’s board of directors will be made up of city officials, representatives of the private sector who, in total, have pledged more than $35 million to the project and members of the community at large. This structure addresses the interests of the project’s major stakeholders, providing an important “seat at the table” for all on decisions such as design, construction, operating budgets and programming.

In addition, the agreement includes a very special provision stating that monies generated through Tanger Center ticket sales be set aside in a newly created Arts Stabilization Fund. The Arts Stabilization Fund will address critical support needs for Greensboro’s arts institutions. Supporters insist that this aid is critical to many local arts entities that are struggling to thrive.

Articles of Incorporation will be filed to create the to-be-named Tanger governing nonprofit entity, board members will be chosen and plans will begin in earnest for breaking ground on the project this fall.

The Steven Tanger Center for the Performing Arts is expected to open in 2016.