Clarksburg Development Authority Unanimously Approves Agreements For Robinson Grand Performing Arts Center
The Clarksburg Development Authority met Thursday, February 16, 2017 in the City Manager’s Conference Room to discuss the Robinson Grand Performing Arts Center (RGPAC).
In attendance were President Pat Shaffer, Treasurer Anthony Secret, Secretary Nancy Stinard, Board Members Tony Blidgett, Robin Smallwood, Steve Turner, George Brown, Catherine Goings and City Manager Martin Howe and Non-Board Members Assistant City Manager Anthony Bellotte, Finance Director Kim Karakiozis, City Attorney James Cann and City Clerk Annette Wright.
City Manager Howe provided an overview of New Markets Tax Credit (NMTC) and Historic Tax Credit structures that will potentially be utilized for financing. The City’s Part I and Part II applications were approved by the WV State Historic Preservation Office and the U.S. National Park Service. This allows for the project to be eligible for a 10% credit from the State as well as a 2% credit from the Federal Government to be added as equity towards the project reducing the overall debt service over the next 3-5 years.
The New Markets Tax Credit program attracts capital to low income communities by providing private investors with a federal tax credit for investments made in businesses or economic development projects located in some of the most distressed communities.
A NMTC investor receives a tax credit based upon the Qualified Equity Investment (QEI) made in a Community Development Entity (CDE) and the Credit is realized over a seven-year period.
President Shaffer continued the meeting to discuss the grant agreement between the City of Clarksburg (City) and the Clarksburg Development Authority (CDA) for the RGPAC project.
A lease agreement between the City and the CDA for the RGPAC property was approved contingent upon City Council’s approval. This allows for the CDA to lease the RGPAC and receive all proceeds of the 2017 Series A Notes to pay for the renovation and restoration.
A First Supplemental Indenture of Trust by and between the City and WesBanco Bank, Inc., as trustee for the issuance of sales tax revenue bond anticipation notes by the City for financing of the project was also approved. This action will allow for the City to transfer funds from the Home Rule 1% Sales & Use Tax to the CDA to pay the debt contingent upon City Council’s approval.
All motions were passed unanimously. President Pat Shaffer stated “We are enthusiastic about the future of the Robinson Grand. The Downtown area and region as a whole will be able to experience high level entertainment locally. The entire County will feel growth from the project.”
For more on the Clarksburg Development Authority as well as its members, click here http://cityofclarksburgwv.com/government/boards-a-commissions/clarksburg-development-authority
The historic Robinson Grand first opened its doors in 1913 at 444 West Pike Street in downtown Clarksburg. It became a hub of cultural activity for residents of Harrison County and beyond. The Robinson Grand was the thirteenth theater in the United States to be wired for sound (1927) and was home to movies, plays, wedding receptions and even the Miss West Virginia Pageant. The City of Clarksburg acquired the theater in 2014 and it is currently undergoing restoration with an opening in Spring 2018.
The Robinson Grand Performing Arts Center will offer a vibrant, diverse array of productions and programs that engage seniors, adults, teens, children, schools and community organizations.
For more on the soon to open Robinson Grand Performing Arts Center, visit www.TheRobinsonGrand.com