Best option: BAC takes care of business on its own
October 15, 2007
Of the options available for the future of the Brewery Arts Center, the one we like best is the center taking care of business itself.
At issue is the $200,000 loan that was used to buy St. Teresa of Avila Catholic Church and turn it into a performing arts center. Wells Fargo says it will put the performance hall up for sale unless the loan is paid by Nov. 1.
The center’s director says the problem should be taken care of with a refinancing of the loan through another bank. We hope that’s true, but we’re doubtful it would solve the problem.
There were clearly financial difficulties that led to the current plight, and it begs the questions of where they came from, who or what is responsible, and what’s to keep them from reappearing.
Having the cash-strapped city pay the $200,000 loan would be a blow, and before it would happen we would expect to see detailed answers to those questions, including whether the center is being managed up to its potential.
The BAC was a major factor recently when Business Week magazine named us one of the top metro areas with the highest concentrations of artistic establishments.
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And that’s why we hope the other option, the sale of the performance center, is not considered.
We aren’t talking about a building, after all. We’re talking about the soul of the city in the form of its performing arts and the hundreds of people who participate in them.
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