With its taxes paid, Roanoke Rapids City Council Tuesday night allowed G&T Holdings, owners of the Roanoke Rapids Theatre, a modification in terms of the agreement and promissory note it has with the city.

According to Halifax County tax records, between March and June, G&T paid a total of $124,920.28.

That represents $47,409.82 to the city; $56,076.14 to the county; and $14,565.23 to Weldon City Schools.

One of the conditions precedent to the third modification was that G&T pay all its city and county property taxes due for the 2019 tax year to the tax department by June 30.

This changes the maturity date of the note to January 15, 2021. It was originally May 10.

Upon payment of all city and county property taxes due for the 2020 tax year, the maturity date of the note will be automatically extended until May 31, 2021.

In the documents City Attorney Geoffrey Davis reviewed with council during its meeting, it is noted that as of the execution of the third modification, the principal amount will no longer increase by $25,000 as was stated in the second modification. Interest will continue to accrue at the rate set out in the original note.

Another clause Davis highlighted was that G&T is currently seeking funding from various government loans, grants and programs related to lost income and expenditures associated with the novel coronavirus pandemic. 

The new agreement states that should the theater receive federal funding over $500,000, the owners will have to make a one-time payment to the city representing 7.5 percent of the total funds received, which will be credited to the principal due on the note.

Under terms of the modifications approved unanimously by council G&T is obligated to make several repairs to the theater by the end of month.

Those repairs include:

The out of service elevator

Any roof leaks and the disintegrating roof level immediately below the cupola and behind the bannisters along with re-caulking the base of the spire when needed

Complete any service and inspection requirements of the fire pump and back generator and undertake any necessary repairs

Repair and restore to working order the light desk which is currently defective

City Finance Director Leigh Etheridge said G&T has paid $690,000 on the purchase price of the venue and $2.31 million of the purchase price remains outstanding.