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Charlotte, NC — Foundation For The Carolinas poised to buy Carolina Theatre for $1

carolinasFoundation For The Carolinas poised to buy Carolina Theatre for $1
By Susan Stabley, Staff Writer | Published by Charlotte Business Journal
Apr 4, 2013

Charlotte City Council members are scheduled Monday to sell the long-shuttered Carolina Theatre property in uptown to Foundation For The Carolinas.

Sales price: $1.

Under the proposed sales terms, the foundation will be given more than 10 years to finish the theater’s renovations.

The council agreed in December to sell the theater to the foundation, which plans to renovate the building and front it with office space in the empty lot at the corner of Tryon and Sixth streets.

A proposal to sell the long-vacant historic theater to the Ark Group, developers of the N.C. Music Factory, for $500,000 was defeated in 6-5 vote. Both groups spent weeks lobbying council members for the right to buy the uptown property.

The council will have one last vote on the sale at its Monday business meeting, which starts at 7 p.m. at the Charlotte-Mecklenburg Government Center.
(Click here to read the entire article.)

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