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Development corporation approves budget amendment to fund Magnolia Musical Theater
Summary
On Jan. 27, 2025, the BK Development Corp approved a budget amendment intended to increase funds for Magnolia Musical Theater and confirmed a performance-based disbursement schedule; board members also debated whether council approval is required to modify a council-approved budget.
The BK Development Corp approved a resolution on Jan. 27 amending its budget to provide additional funding for Magnolia Musical Theater, the city-facing nonprofit that recently secured council approval for its project. The board moved and approved the amendment during the meeting held at 4:30 p.m.
The board’s Director summarized the funding proposal, saying the corporation currently has a line item of $200,000 and that covering a $240,000 total would require “an increase by a 115,000,” as stated during the meeting. The Director said the increased funds would be added to the business development and…
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