The signing will be held at the venue.
In his report to council, Scherer said, “We are excited to see the facility in the hands of commercial developers who will bring a level of needed professional management to the venue.”
Said Scherer: “We look forward to working with the new owners to help the entertainment district attract new growth and fulfill the district’s potential as a positive economic development tool for the city.”
Scherer’s announcement to council comes after a briefing last week in Raleigh where French West Vaughan unveiled the timeline for events at the venue under its new ownership.
The city said during a special meeting last month there are no changes to the original purchase offer of $3 million for the property. The city administration will apply the purchasers’ entire initial deposit of $150,000 toward the purchase price.
The McLeans will pay the city $300,000 upon closing and instead of paying the remainder off over three years will pay the city $20,000 per month over the course of a year with a balloon payment at the end.