Save the Grand Theatre Inc. is asking the City Commission for an additional $370,000 to acquire and renovate downtown properties for a community performing arts center.
Last year the city contributed $130,000 to the project. The Save the Grand nonprofit group used the money to make partial payments toward purchasing the properties, and for a schematic design of the arts center. The properties include the Morris Realty & Auction office on St. Clair and Main streets and the adjacent Hendricks building.
Save the Grand recently submitted a draft agreement between the city and the arts center group, and the proposal was discussed at Monday's vommission work session.
In the proposal, the arts center group also wants the city to apply for a $1 million Community Development Block Grant/ Renaissance Grant this year, through the state Department of Local Government (DLG); and for the maximum Renaissance/Gold City Downtowns Grant this year, through the Kentucky Housing Corporation and DLG.
In the proposal, Save the Grand agrees to:
Ask Franklin Fiscal Court before June 1 to adopt a 2 percent transient room tax increase to provide for the issuance of about $2.2 million in revenue bonds for renovation work.
Raise not less than $300,000 in private or corporate donations before Dec. 31 for an operating endowment.
Raise not less than an additional $500,000 before June 30, 2004.
For more on this story, see the latest State Journal.