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Prizery repays $60,000 loan from Halifax County
SoVaNow.com / November 11, 2013
The Prizery has repaid a $60,000 loan that the Halifax County Board of Supervisors extended last year to the performing arts center to assist with its financial restructuring plan.
The Community Arts Center Foundation, Inc. (CACF), operator of The Prizery, announced on November 8, 2013 that it has repaid the loan in full from the Board of Supervisors. The check was delivered to the county on Friday.
The supervisors made the $60,000 loan in September 2012 in conjunction with a grant of $60,000 from the Town of South Boston. The funds were used to pay the balance of the interest obligations required by the New Markets Tax Credits (NMTC) entered into in 2005.
The tax credits were essential in raising the funds to complete the renovations and opening of the The Prizery to the public.
“We are extremely grateful to the County for extending the loan to The Prizery,” said CACF Treasurer Wayne Stanfield. “Without these funds from the Town and the County, The Prizery would have closed for good at the end of 2012.”
Stanfield added that community arts facilities like The Prizery must have private and public support to survive, and part of that support must come from local government agencies.
Barbara Speece, CACF President, commented, “The Prizery is critical to the region as both an arts and entertainment facility, and is also a vital part of the draw to the area for new businesses and their employees. Since the facility opened in 2005, more than $1 million in tickets have been sold and the facility has brought top notch talent from around the world to perform for the citizens of Halifax County. “
“The Prizery continues to provide the opportunity for arts education and entertainment to all the citizens of Halifax County. In addition, the success of our professional Summer Theatre program is a growing arts attraction that brings people to Halifax County from the surrounding region and beyond,” said Prizery Artistic Director Chris Jones.
As part of the ongoing financial support for the operating budget of The Prizery, the Board of Directors will continue to seek donations from local supporters as well as grants and gifts from both the private and public sector, according to a statement from the CACF.
On Sept. 3, the Board of Supervisors voted to give The Prizery a 45-day reprieve for repaying the loan, as members debated — but did not vote on — a proposal to stretch out payments over six annual installments of $10,000 each.
Under that proposal, advanced by Finance Chairman Doug Bowman, the CACF would have made its first payment on $10,000 this fall, and closed out the loan in September 2018 with payment of the final $10,000 installment.
Bowman, the county’s representative on The Prizery board, was unavailable for comment this weekend. He previously has noted the progress that the CACF has made in getting its finances in order, with capable business people overseeing the financial operations of the performing arts center. Bowman also praised The Prizery board for working hard to straighten out complex historic tax credits that comprised an important part of its financing.
CommentsWhere are all the Prizery haters??? who swore it would never be able to repay the $60k.
Great job Wayne et al. Looking forward to more top-flight entertainment in our little corner of the world. If they can do it in Yanceyville there is no good reason we can't do it in HC.
- By powerhouse on 11 / 11 / 13
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