Park Theater building now city property
The fate of the Park Theater survived second reading Monday as officials approved its purchase for the benefit of performing arts and other cultural entertainment.
The ordinance allows the city to purchase the property by trading a .63-acre lot located off North Chancery Street recently estimated at $160,000 plus $40,000 for the building. The building is owned by Jerry and Linda Faye Williamson and has been appraised at $268,800.
The ordinance notes the mayor and members of the city’s Building and Grounds Committee are to set out the terms and conditions of the purchase and allows for an additional $3,000 in incidental expenses to be spent if necessary.
Park Theater Group members have indicated they do not intend to seek major governmental funding for between $450,000 and more than $1 million in restoration costs, which they hoped could be handled with local fund-raising. Officials initially indicated they would lease the building to the group and the city would retain ownership.
Group members were set to meet last night to discuss an operating agreement with the city, non-profit status, creating a board of directors, establishment of committees and setting dates for regular meetings.
Alderman Patti Nunley voted “nay” Monday.