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City to assume ownership of Colonial Theatre from BEDC; financial details discussed
Summary
The subcommittee heard that the Belknap Economic Development Committee plans to transfer the Colonial Theatre to the City of Laconia at the end of April; the theatre transfer involves no cash exchange, leaves retail units and condos with BEDC or private owners, and may result in about $140,000 being repaid to the city.
City Manager Kirk Beattie told the Finance Subcommittee the city is "looking to close at the end of April" on a transfer of the Colonial Theatre from the Belknap Economic Development Committee (BEDC) to the City of Laconia. Beattie said the transfer will not involve a cash payment; the city would own the theatre space but not the retail units or the condominiums above the building.
The committee discussed liability and condo-association obligations, since the theatre is the largest component of the condo association. Manager Beattie said the BEDC will sell the retail units and that proceeds will be used to repay investors; the draft materials cited approximately $140,000 owed back to the city from BEDC.
Committee members also discussed the outstanding bond on the property. The transcript records the original bond amount as $6.7 million over 25 years with roughly 20 years of the term remaining and an approximate remaining principal of $5.7 million; the subcommittee did not take a final vote on a debt strategy at the meeting. Staff will bring the transfer and associated documentation to the City Council in April for final action.
