News of the agreement came via a statement released by City Manager Joseph Scherer.

City Attorney Gilbert Chichester said this evening the city received the final signatures on the document Tuesday.

The new lease, according to the city's statement, is a 10-month agreement which will expire next June.

Terms of the new lease include a 38 percent increase in monthly rent from $14,500 to $20,000 and a guaranteed monthly minimum ticket sales income of $4,000 to the city.

The new lease still offers a lease-purchase option to HSV. Also included in the new lease is a guarantee of conducting a minimum of 25 shows during the life of the lease, along with a guarantee of spending a minimum of $250,000 on the marketing and production of these shows that is, Scherer said, “in order to insure that a wider variety and quality of shows are offered.” Said Scherer in the statement: “It is the city’s intent to work with HSV Entertainment LLC to have a viable tenant utilizing the theatre to provide quality entertainment to the region, while helping to promote Roanoke Rapids as a first-rate tourist destination.”

Chichester said the new lease is almost identical with the previous agreement the city had with the company.

He said the city will strictly monitor the number of shows the theater, operating as the Royal Palace Theatre, will have. “They have given us assurances that we will have access to their documents and verify the amount spent. We will absolutely be checking on that.”

The city attorney said he reviewed both the HSV proposal and one from JP Amusements that council struck down in May by a 3-2 vote in favor of continuing negotiations with HSV.