Title
The Carolina Theatre
Action
Action:
A. Authorize the City Manager to negotiate and execute amendment #3 to the Carolina Theatre Purchase and Sale Agreement with the Foundation for the Carolinas to extend the completion date to December 31, 2025,
B. Authorize the City Manager to negotiate and execute an amendment to the Public Private Development agreement for the restoration of the Carolina Theatre to include an additional $2,000,000 in city funding, and
C. Adopt a budget ordinance appropriating $2,000,000 in fund balance from the Cultural Facilities Operating Fund for support of the Carolina Theatre.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Julia Martin, City Manager's Office
Explanation
* In 2016, Foundation For The Carolinas (FFTC) embarked on a $88 million renovation and restoration of Charlotte's 1927 historic Carolina Theatre. The Theatre, when complete, will seat 950 and feature lectures, symposiums, film, and entertainment offerings.
* Impacts of the Carolina Theatre include:
* The theatre serves a regional audience and will continue to draw audiences outside Mecklenburg County.
* The ongoing tax-revenue stream generated from the 5-star InterContinental Hotel that will be built on the property will bring annual estimated tax revenue of $3.9 million with roughly $362,000 in sales tax to the City of Charlotte.
* It is one of the last remaining historic structures in uptown Charlotte. The historic nature of this property will draw visitors from across the state.
* The historic property and the accompanying hotel will serve as part of Mecklenburg's tourism infrastructure.
Action A
* Renovations and restoration of the Carolina Theatre has proved to be a difficult task, especially during the COVID-19 outbreak. Asbestos abatement, mitigation of groundwater contaminated underground, remediation of lead paint, partnering with a private hotel developer, and fa?ade restoration are just some of the areas that have slowed constructio...
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