SHOWTIME SAYS…
The city of Roanoke Rapids has decided to sell it’s 1,500 seat theatre that sits along Interstate 95. The theatre was built in 2005 with a $22 million price tag.
The theatre is costing taxpayers $2 million a year and just isn’t panning out how city officials thought it would. The arena hasn’t been the tourist attraction that it was expected to be.
Officials have agreed to sell the theatre to a Chicago businessman who has previously negotiated to buy the space.
Lafayette Gatling has agreed to pay a lump sum payment of $7.1 million even though the city still owes about $19 million on the original loan.
The city hopes to refinance the original loan and pay it back at a lower interest rate.
