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Grama Theater seeks $1.5M bond amendment for renovations; county finance committee discussed schedule
Summary
Bill Cole asked Franklin County to support amendments to an existing bond issue to provide $1.5 million for a renovation of the Grama (Grand) Theater covering sound, lighting, HVAC and seat replacement; the court asked for schedule details and Cole said contractors would plan to minimize downtime.
Bill Cole asked the court at the Aug. 27 work session to allow amendments to a prior bond issue so his organization can borrow $1.5 million to renovate the Grama Theater.
Cole told the court the work would replace antiquated analog sound, upgrade lighting to LED, replace HVAC units (previously installed by helicopter), and update seating donated in 2005. He said the bond matures in 2032 but the proposed amendment and amortization schedule — which Fifth Third has reviewed — would allow the theater to pay off the bonds early. Cole said major shows (including a sold‑out Marty Stewart performance) and out‑of‑county visitors have demonstrated the theater’s economic impact on restaurants and local spending.
Members asked about whether local transient room/hotel taxes would be used to support the theater rather than general tax revenues; the court clarified these projects are often funded through visitor taxes and not local property taxes. Council members asked when the theater would be out of commission; Cole said they will schedule construction to minimize downtime and aim to keep the site closed for roughly three months if needed, scheduling work around performance seasons.
No final vote on bond amendments occurred; Cole said he will bring formal documents and an amortization schedule to a future finance meeting and requested the court’s positive consideration.
