Options for refinancing theater debt through non-traditional lenders have been exhausted, Finance Director MeLinda told city council at its meeting this evening.
Despite still having to appropriate more than $1.9 million to pay theater debt, the city increased its fund balance over the past fiscal year by $1 million.
Thus far, no banks have agreed to enter into discussions on possibly refinancing the former Roanoke Rapids Theatre, city Finance Director MeLinda Hite told council at its meeting this evening.
The city has enlisted the help of a brokerage company to solicit proposals to refinance its debt on the Royal Palace Theatre.
