BAC fixes loan problem with refinance; city avoids bailout
October 16, 2007
Carson City will not have to pay a $200,000 loan the Brewery Arts Center used to buy St. Teresa of Avila Catholic Church and turn it into a performance hall.
Irwin Union Bank will refinance the loan so the downtown arts and cultural center will not go into default, said Greg Nixon, the bank’s marketing president.
The city was going to talk about paying the loan at Thursday’s Board of Supervisors meeting, but the problem should be completely resolved by the end of the week, said Bruce Robertson, the center’s secretary.
“It’s a tiny issue,” he said. “And there was some miscommunication.”
Robertson added that the nonprofit’s finances have been improving.
Several city supervisors had said they would support giving money to the center since the city had already invested a lot of money in the group’s two downtown buildings at the southwest corner of King and Division streets.
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The city gave the center $675,000 to buy the church a few years ago and gives them $15,000 a year in funding.
If the city would take over the BAC performance hall, it would probably lease it back to the center, Joe McCarthy, the city’s economic development manager, had said.
John Procaccini, the center’s director, had predicted the issue would be resolved before the meeting.
The problem came up because the center needed to refinance the loan because it was only paying interest on it, Procaccini said.
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