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Court hears first readings on transient-room-tax-backed bond plan for Grand (Grama) Theater
Summary
County heard first readings of ordinances to issue dedicated tax revenue bonds backed by an additional 2% transient room tax to finance renovations at the Grand (transcribed as 'Grama') Theater; several magistrates sought clarification on which entity administers collection and on projected repayment timing.
During the Sept. 24 meeting the Franklin County Fiscal Court heard first readings of ordinances that would authorize the issuance of dedicated tax-revenue bonds to finance renovations at the Grand (transcribed in some materials as the 'Grama') Theater.
Bill Cole and consultants described a conduit financing structure in which Save the Grama, a nonprofit, would…
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