The city of Roanoke Rapids said today it is satisfied that the purchasers of the theater have a sound business plan for the future of the venue as well as growth through development of the Carolina Crossroads Music and Entertainment District.
The city released a statement today on the sale-closing of the venue to the Carida Capital Group LLC for $2 million. The sale of the theater was assigned from the Roanoke Rapids law firm of Wellman & White.
Bruce Tyler, one of the partners in the capital group and the co-owner of Weldon Mills Distillery confirmed the sale-closing Tuesday. He said it will be rebranded as the Weldon Mills Theatre.
“The city of Roanoke Rapids no longer has any ownership interest in the theater property,” the city said in the statement. “The city of Roanoke Rapids is satisfied that the purchasers have a sound business plan for the long-term professional management of the facility and anticipate that the buyer’s commitment to the Roanoke Valley will lead to additional economic development within the Carolina Crossroads Music and Entertainment District, as the project was originally intended to accomplish.”
Mayor Emery Doughtie said, “This has been a long process. It has been a financial stress and has caused many important services to be postponed. By having the property in private ownership, the city can focus on quality of life projects as the funds from the sale will bring the debt closer to being satisfied. I appreciate everyone’s efforts to bring us to this much anticipated day.”