The city has modified its contract with G&T Holdings, the owners of the Roanoke Rapids Theatre, to allow them until the early part of May to come up with remainder owed on the venue.
Council Tuesday night, according to a motion by Wayne Smith, requires an additional $25,000 each month to the amount which Tom and Evon McLean are paying the city on the purchase price. That brings their monthly payments to $75,000. The motion passed unanimously.
City Manager Joseph Scherer said the McLeans are up-to-date on their payments on the venue.
Finance Director Leigh Etheridge said in an email response to an rrspin question, the McLeans, as of the last invoice on January 1, owe $3,050,566
Smith said this morning that the owners of the venue are current on their payments gives him confidence. “I think everything is going to work out,” he said, declining to elaborate.
According to a press from the city released after Tuesday’s meeting, the contract modification appears to be tied to potential economic development prospects in the area around the theater. “The city council has agreed to a contract modification of their agreement with G&T Holdings regarding their purchase of the Roanoke Rapids Theatre,” the statement said. “The modification extends the period requiring a final payment of the purchase price through early May to allow G&T Holdings to continue to arrange for concerts and other entertainment opportunities while they pursue potential economic development prospects.”
In the press release, the city said “council feels it’s important not to impede the positive momentum of the theater entertainment activities that are critical to attracting developers, which is part of the original premise of the Carolina Crossroads Entertainment District development project.”
Said the press release: “It is the goal of city council to facilitate economic development prospects that create opportunity and jobs for city residents as well as the surrounding areas. Therefore, it is the intent of the city council to be part of any solution that leads to commercial growth and advancement in the Carolina Crossroads Entertainment District.”
The McLeans took over ownership of the venue in July of 2018.