08/10/08 — City Council to consider Paramount buyback

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City Council to consider Paramount buyback

By Anessa Myers
Published in News on August 10, 2008 1:53 PM

The Goldsboro City Council will hold a public hearing Monday night to consider the authorization of an installment-purchase contract for the city to buy the Paramount Theatre back from the Weil Foundation.

Kaye Scott, the city's acting finance director, said the department is recommending that the city finance the theater with RBC Bank at a 4.54 percent interest rate with a 15-year loan payback period.

The amount will be higher than the first-thought amount of $4.5 million since interest must also be allotted for.

The payback amount will be $6,083,325, Ms. Scott said.

Fifteen financial institutions were notified of the buyback information, and Ms. Scott said that RBC Bank's bid was the most attractive of the proposals.

Council members are expected to approve the bid information.

The council is also likely to approve the condemnation of two dwellings on North James Street -- 307 and 412.

Other items on the agenda for Monday's meeting include the formal approval of $5,000 to go to Kimley-Horn for the design of Stoney Creek Park -- the council informally approved the item at the last meeting -- and expected approval of a request for additional funds in the amount of $73,305 for more engineering services by Kimley-Horn relative to widening Berkeley Boulevard.

In other business, the council will discuss a contiguous annexation petition for property located on the west side of North Oak Forest Road between U.S. 70 and East Ash Street; a rezoning request on the north side of East Ash Street between Ridgewood Drive and Spence Avenue from shopping center to general business; the closing of a portion of Pineview Avenue; site and landscape plans for a variety store, Goldsboro Honda and apartments on South Williams Street; a site plan for a church at 223 West Walnut Street; the appointment of John Casey to the Stoney Creek Park Alliance; a conditional use permit request for property on the west side of South George Street between Pine Street and Spruce Street; and a police budget amendment.

The council will hold a work session at 5 p.m. in the large conference room of the City Hall Addition. The council meeting will begin at 7 p.m. in the original council chambers in historic City Hall.