PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 17, 2018 NEW ISSUE—BOOK-ENTRY ONLY Ratings: Moody’s: Aa2 S&P: AA+ Fitch: AA+ (See “RATINGS” herein) This Official Statement has been prepared by the City of Greensboro, North Carolina (the “City”) to provide information on the bonds described below (the “2018 Bonds”). Selected information is presented on this cover page for the convenience of the user. Investors must read this entire Official Statement to obtain information essential to the making of an informed investment decision. $43,440,000* CITY OF GREENSBORO, NORTH CAROLINA Taxable Limited Obligation Bonds (Steven B. Tanger Center for the Performing Arts Project) Series 2018 Dated: Date of Delivery Due: February 1, as shown on the inside cover Nature of the City’s Payment The payment by the City of the principal of and interest on the 2018 Bonds shall Obligation; Security: be limited to funds appropriated for that purpose by the City Council of the City in its sole discretion. As security for the 2018 Bonds, the City will execute and deliver a deed of trust, granting, among other things, a lien of record on the Mortgaged Property (as defined herein), subject to Permitted Encumbrances (as defined herein). THE OBLIGATION TO MAKE PAYMENTS ON THE 2018 BONDS IS NOT A GENERAL OBLIGATION OF THE CITY, AND THE TAXING POWER OF THE CITY IS NOT PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY MONIES DUE TO THE OWNERS OF THE 2018 BONDS. Tax Treatment: See “TAX TREATMENT” herein for information regarding tax consequences arising from ownership or receipt of payments on the 2018 Bonds. Redemption: The 2018 Bonds are subject to optional and mandatory sinking fund redemption prior to maturity as described herein. Interest Payment Dates: February 1 or August 1 of each year, commencing August 1, 2018 Denomination: $5,000 or integral multiples thereof Expected Delivery Date: February 14, 2018 Trustee: U.S. Bank National Association, Charlotte, North Carolina Co-Bond Counsel: Womble Bond Dickinson (US) LLP, Raleigh, North Carolina McKenzie & Associates, Washington, D.C. City Attorney: Thomas D. Carruthers, Esq., Greensboro, North Carolina Underwriters’ Counsel: Robinson, Bradshaw & Hinson, P.A. Charlotte, North Carolina Financial Advisor: DEC Associates, Inc., Charlotte, North Carolina PNC Capital Markets LLC Loop Capital Markets January __, 2018 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, buy, to Under no circumstances shall this Preliminary to sell or the solicitation of an offer This Preliminary Official Statement constitute an offer contained herein are subject to completion or amendment. Official Statement and the information any such jurisdiction. priorlaws of qualification or filing under the securities to registration, be unlawful solicitation or sale would these securities jurisdiction in any in which such offer, sale of, any nor shall there by * Preliminary; subject to change. MATURITY SCHEDULE* $20,140,000 Serial 2018 Bonds Due Principal Interest February 1 Amount Rate Price CUSIP Number+ 2021 $1,285,000 2022 1,315,000 2023 1,355,000 2024 1,395,000 2025 1,435,000 2026 1,480,000 2027 1,530,000 2028 1,580,000 2029 1,630,000 2030 1,690,000 2031 1,750,000 2032 1,815,000 2033 1,880,000 $10,535,000 ___ % Term 2018 Bonds due February 1, 2037, Price 100%, CUSIP Number+ ________ $12,765,000 ___ % Term 2018 Bonds due February 1, 2043, Price 100%, CUSIP Number+ ________ ______________ * Preliminary; subject to change. + CUSIP is a registered trademark of the American Bankers Association (the “ABA”). CUSIP data is provided by CUSIP Global Services, which is managed on behalf of the ABA by S&P Capital IQ. The CUSIP numbers listed above are being provided solely for the convenience of the holders of the 2018 Bonds only at the time of issuance of the 2018 Bonds and neither the City, the Underwriters, nor their agents make any representation with respect to such CUSIP numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP numbers are subject to being changed after the issuance of the 2018 Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the 2018 Bonds or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that may be applicable to all or a portion of the 2018 Bonds. In connection with this offering, PNC Capital Markets LLC and Loop Capital Markets LLC (the “Underwriters”) may overallot or effect transactions that stabilize or maintain the market price of the 2018 Bonds at a level above that which might otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at any time. Neither the 2018 Bonds nor the Trust Agreement (as defined herein) have been registered or qualified with the Securities and Exchange Commission by reason of the provisions of Section 3(a)(2) of the Securities Act of 1933, as amended, and Section 304(a)(4) of the Trust Indenture act of 1939, as amended. The registration or qualification of the 2018 Bonds or the Trust Agreement in accordance with applicable provisions of securities laws of the states in which the 2018 Bonds have been registered or qualified, if any, and the exemption from registration or qualification in other states, shall not be regarded as a recommendation thereof. In making an investment decision investors must rely on their own examination of the terms of the offering, including the merits and risks involved. The 2018 Bonds have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Official Statement. Any representation to the contrary is a criminal offense. All quotations from and summaries and explanations of laws and documents herein do not purport to be complete, and reference is made to such laws and documents for full and complete statements of their provisions. Any statements made in this Official Statement involving estimates or matters of opinion, whether or not expressly so stated, are intended merely as estimates or opinions and not as representations of fact. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale of the 2018 Bonds shall under any circumstances create any implication that there has been no change in the affairs of the City since the date hereof. References to web site addresses presented herein are for informational purposes only and may be in the form of a hyperlink solely for the reader’s convenience. Unless specified otherwise, such web sites and the information or links contained therein are not incorporated into, and are not part of, this Official Statement for purposes of, and as that term is defined in, Rule 15c2-12 (as defined herein). For purposes of compliance with Rule 15c2-12, this Official Statement is deemed to be a final official statement with respect to the 2018 Bonds within the meaning of Rule 15c2-12, except, when it is in preliminary form, for the omission of certain pricing and other information authorized to be omitted by Rule 15c2-12. The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their responsibility to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. [THIS PAGE INTENTIONALLY LEFT BLANK] TABLE OF CONTENTS Page INTRODUCTION ....................................................................................................................................... 1 THE 2018 BONDS ...................................................................................................................................... 3 General ........................................................................................................................................... 3 Book-Entry Only ............................................................................................................................. 3 Redemption Provisions ................................................................................................................... 3 SECURITY AND SOURCES OF PAYMENT FOR THE 2018 BONDS .................................................. 4 General ........................................................................................................................................... 4 Payment of Bonds; Limited Obligation; Budgeting ....................................................................... 4 Trust Agreement ............................................................................................................................. 5 Deed of Trust .................................................................................................................................. 5 Title Insurance ................................................................................................................................ 6 Enforceability .................................................................................................................................