While City Attorney Gilbert Chichester said following this evening's city council meeting the concession is substantial in the ongoing negotiations with the bank, there remains another difficult hurdle in the process.

That hurdle will be convincing BOA to restructure the city's debt on the building after council and HSV Entertainment parted ways last month.

The city, Chichester said, is coming up with several restructuring proposals being crafted with the help of Richmond brokerage firm Davenport and Company. “That will be tough. No matter what, we have to repay.”

Chichester declined to disclose the fair market value figure the city will use when final approval is given to sell the building, something that must also be approved by the North Carolina Local Government Commission.

Discussion of the matter this evening shows it is generally considered the building will fetch a much lower price than the $20 million the city initially invested in the venue.

The discussion of the theater came as an add-on to the agenda suggested by Councilman Wayne Smith.

“I think it's time for us to take the bull by the horns and quit blaming someone else and straighten it out.”

Smith presented a list of questions on where the city was with the building, several of the questions which are in consideration during the ongoing negotiations with the LGC and BOA.

City Manager Joseph Scherer said once the LGC and BOA give an OK, the building can be put on the market with firms experienced in commercial properties. There are three different firms on a list. “We're waiting on the LGC to move forward.”

Councilman Carl Ferebee and Smith differed on forming a committee made up of people outside city government to serve on an advisory committee, Ferebee wanting such a panel and Smith saying he could agree with one if it was a working committee.

“I would like a small committee to look at our options,” Ferebee said, “To look at what we do if we can't sell it, what it will cost if we don't get the full value, put together some numbers.”

Smith said, however, he believed the ultimate decision should be made by council.

Chichester said the city understands the urgency. “Until the theater is sold, it will continue to be an albatross around the city's neck.”

Selling the venue, the city attorney said, comes down to a price where the buyer can service the debt.

“I know the city is doing everything it can and I trust everything you're doing,” Smith said. “I'm a little bit impatient. I've been listening to this for six years and it's time for this city council to get motivated and get something done.”

In a matter connected to the theater, council this evening approved a budget amendment to appropriate a $50,000 good faith deposit made by HSV to make repairs to the building.