The hearing will be held at 6 p.m., an hour before the panel's regular meeting at the Lloyd Andrews City Meeting Hall on Jackson Street.

While no specific plan is in place, City Manager Joseph Scherer said this morning, “I think it's important we offer a public hearing for discussion. We don't have financing details. We want to offer our thoughts and reasons for going forward.”

In July the city announced it would begin soliciting financial institutions for proposals on refinancing the debt on what is now the Royal Palace Theatre. The Local Government Commission recommended the city move forward with the proposal.

The city would be soliciting proposals from banks other than Bank of America, which crafted the original financing package on the venue.

What council is looking for was discussed in depth during a May meeting and the governing panel learned it could gain more control should it decide to refinance theater debt.

While refinancing the theater debt would essentially mean the same $1.9 million annual payments on the venue, which is being leased to HSV Entertainment LLC, it would end a confusing variable interest rate included n the original 2007 bond issue to finance the building, Davenport and Company told council during that meeting.

Davenport at the time explained refinancing the theater at what then was a 3.5 percent taxable private bank placement would also free the theater to secure a loan.

That means rather than the building being used as a collateral, the collateral is assumed to be a pledge of sales tax revenue, tax incremental financing revenue and the debt service reserve fund.