Following the meeting he said the city has no set asking price for the venue. “More than likely it will be a sealed bid process.”

He said there have been a few people who have expressed interest in buying the venue, although they haven't elaborated on their intended uses for the theater.

Scherer hopes the negotiations and other processes involved will be completed by the end of the year.

Earlier this year, Bank of America agreed to release the city from its deed of trust to make it easier to sell the venue.

In another matter this evening, council approved amendments to the city's land use ordinance which reflect legislation handed down by the General Assembly in its 2015 session.

According to a memo from Planning and Development Director Kelly Lasky, “During the 2015 session of the North Carolina General Assembly, laws related to land development were amended, which have prompted the city to make changes to the land use ordinance to comply with general statutes.”

The first amendment is to modify performance guarantee provisions to ensure compliance with approved application, final plat approval or both.

The ordinance revisions set a performance guarantee cap at 125 percent; a menu for acceptable financial instruments; require developers to obtain guarantee extensions if acceptable and limits guarantee funds to be used only for completion of required improvements.

The second amendment changes the process by which council receives citizen input in zoning ordinance and zoning map amendments. It replaces the zoning protest petition with written citizen comment and removes a super majority voting requirement triggered by a qualified protest.