Conroe City Officials Consider Loan From the Crighton Foundation to Preserve the Historic Theater
The loan could be paid back by adding a bit on to ticket prices.
Conroe city officials are considering a request for a $326,000 loan from the Crighton Theatre Foundation to preserve the historic theater, The Courier reports.
Conroe Convention and Visitors Bureau Director Shannon Overby asked the council to provide guidance on the amount and potential terms of the loan. City Administrator Paul Virgadamo said the city does not have access to the building, which is owned by the foundation.
"Not to be disrespectful in that at all ... how we do something that gets the money to you and we get something in return," said Councilman Raymond McDonald. "We could pay you for something and then be symbiotic."
Crighton Foundation Board Member David Hairel said he is willing to discuss that option further with the foundation board.
The loan could be paid back by adding a bit on to ticket prices. Hairel said that by adding a dollar to each ticket sale, the foundation could raise about $30,000 a year, but it would take about 10 years to repay the loan.
Virgadamo said staff would continue to work with the foundation on a potential contract and bring that back to the council at a future meeting.
Read more on The Courier.
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