The City Commission on Monday night approved a $1.6 million loan to the Levoy Theatre Preservation Society to help rebuild the former movie house into a performing arts center.
The money will come from the city’s on-hand state Urban Enterprise Zone account. It substitutes for a loan Sun National Bank had made to the society but recently withdrew because the group did not meet its construction completion deadline.
That deadline was this past April, according to the resolution the commission approved. The time frame was rendered impossible after much of the structure unexpectedly collapsed Jan. 3 during early stages of the renovation project.
The city’s loan money will be taken from $2 million previously set aside for a project at Silverton Marine that has been canceled, city officials said.
Millville’s commitment to the project had been $4.45 million, a mix of two grants and a $300,000 loan. With the new loan, the city’s investment rises to $6.05 million. …
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