The city is proposing to grant G&T Holdings, the owners of Roanoke Rapids Theatre, a six-month extension on their current purchase contract.
The proposal comes with a new due date of January 23, City Manager Joseph Scherer said at Tuesday night’s city council meeting.
Scherer said in return for the extension, G&T Holdings agree to increase the monthly reimbursement to the city by $10,000 beginning August 23. Those payments will be applied to the purchase price of the venue.
The city manager said this afternoon the company has met its current payments of $20,000 each month since last year when Thomas and Evon McLean signed the documents and took over ownership of the venue.
With the monthly addition of $10,000 per month, the city would receive $30,000 monthly.
News of the extension comes as the McLeans are exploring economic development opportunities in the area of the theater. “They are pursuing (opportunities) in that area that could lead to other entertainment venues beneficial to them and could lead to increased tax revenue for the city,” Scherer said this afternoon, declining to elaborate.
Scherer said at the council meeting, “G&T Holdings is still committed to meeting their obligations for the purchase of the property. Mr. (City Attorney Gilbert) Chichester and myself will review and execute a new amendment to the contract with G&T Holdings for these considerations.”