Title
Carolina Theatre Redevelopment Update
Body
Staff Resource(s):
Michael Marsicano, Foundation for the Carolinas
Debra Campbell, City Manager’s Office
Ron Kimble, City Manager’s Office
Randy Harrington, Management and Financial Services
Time: 20 minutes
Explanation
§ On April 8, 2013, City Council approved a resolution for a purchase and sale agreement with the Foundation for the Carolinas (FFTC) for the Carolina Theatre site through a sale for $1.00, contingent upon the preservation and renovation of the theater.
§ The purpose of the original agreement was to restore the historic Carolina Theatre as an iconic, community asset and support redevelopment on North Tryon.
§ On July 13, 2017, the Economic Development Committee received a presentation on the current status of the Carolina Theatre redevelopment project, the request for a revised City funding partnership, and next steps.
§ On July 13, 2017, the Economic Development Committee voted unanimously to recommend that the full City Council authorize the City Manager to negotiate an amended Purchase and Sale agreement with the FFTC for the inclusion of $4,500,000 million of City funding for the Carolina Theatre restoration project.
§ The presentation will update City Council on the Carolina Theatre project and funding request.
Future Action
At tonight’s Business Meeting, City Council is requested to authorize the City Manager to negotiate and execute (A) a second amendment to the Purchase and Sale Agreement with the Foundation for the Carolinas (FFTC) for the Carolina Theatre site, and (B) a Public Private Development agreement as authorized by City Charter Sec. 7.109 for the restoration of the Carolina Theatre to include a $4,500,000 City funding partnership.
Attachments
Attachment(s)
April 8, 2013 City Council Action
July 13, 2017 Economic Development Committee Presentation