Request postponed

The town will ponder its contribution to the State Theatre rehab into the new year in light of considerable public response to a recent request for $1.5 million to supplement the estimated $9.65 million project.

At its meeting Tuesday, the Town Council Finance Committee decided to form a subcommittee to delve deeper into exactly how the town could help finance rehabilitation of the long vacant art deco movie house on Main Street.

Town Councilman Chip Coleman moved that he and Town Councilman Jim Risner serve on the subcommittee and report back its findings to council in January after meeting with the town’s financial consultant.

Four other members of council who attended Tuesday’s meeting concurred with the idea. Vice Mayor Billy Yowell, a leading voice in support of a contribution, said forming the subcommittee would help clear up “a lot of things in the community that are not understood” about the project and its ultimate benefit to the town.

Risner said five years down the road, a renovated State Theatre would generate new town tax revenues and attract new businesses.

“It’s just getting there and minimizing the risk to the taxpayer,” he said.

At an earlier meeting, the town’s financial consultant said the town could donate the $1.5 million from savings or set up a line of credit with a local bank that the nonprofit State Theatre Foundation could draw down from as needed. The foundation has said the town would more than recoup its investment, over time, in the rehab. It hopes to start construction soon to take advantage of lower construction costs, but needs full financing in place before it can do so.

Check out a coming edition of the Star-Exponent to hear from the foundation on why the town investment would be well worth it.