Park Theater could soon be up for sale
City officials are considering the possibility of placing a for-sale sign on the Park Theater.
But they already have a potential buyer in mind, as members of the growing Park Theater Group are applying for 501c3 non-profit status and told officials Monday they’d like to purchase the building.
Since the group formed last summer, most city officials have been supportive of the group’s idea of restoration. They purchased the building, but shied away from using public funds for repairs.
The possibility of a quasi-sale to the growing Park Theater Group came up Monday in a lengthy meeting of the city’s Building and Grounds Committee, where officials and Park Theater Group Chair Dr. Pam Pallas and other group representatives attempted to hash out a lease agreement.
After debating who would be responsible for routine maintenance, which some city officials cautioned could become costly, as well as the length of the lease, one theater group member suggested selling the building to the group.
Officials said they would like to look into the possibility of setting up a charitable donation to the group, where they would be able to “pay” the city back with those same funds, in time, to equal $200,000.
Another option discussed was allowing an “in kind” type of payment in return for the group’s investment in the building.
City officials asked theater members to seek legal advice and talk to City Attorney James Dempster as to the legality of those types of transactions.
Pallas said Wednesday it’s too early to tell what the legal ramifications are. Building and Grounds Chairman Rickey Jones said if it’s possible, officials may well be interested in pursuing a deal or putting the building up for public auction.
“It’s got to be legal and the interest of the taxpayers has to be considered,” he said, adding that it was never the city’s intent to fund a major restoration project.
“When we bought it, it wasn’t for the city to be in the business of theater.”
Officials traded land located near the corner of North Chancery Street last reported to value $160,000 plus $40,000 for the Park Theater, which was owned by Jerry Williamson.
Estimates for the theater’s restoration vary, ranging anywhere from between $450,000 to $1.8 million.