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Council authorizes development and financing agreement for downtown entertainment anchor
Summary
Council approved a development and financing agreement among the city, EDA, Manassas Park Cinema LLC and B&B Theatres for a downtown entertainment anchor; the package contemplates a $6.3 million city line of credit to back EDA bonds and includes a temporary admissions‑tax supplement; council discussed appropriation risk and long‑term revenue assumptions.
Dean, the city attorney, presented a development and financing agreement for an entertainment anchor that includes a movie‑theater complex to be developed by BNB/B&B Theatres and financed through bonds supported by an EDA program. The agreement lays out reporting requirements for the developer and parcel owner and anticipates a $6,300,000 line of credit the city…
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