Council mulls Palace Theatre loan forgiveness
The Palace Theatre in London, Ont. is seen Thursday, Oct. 7, 2021. (Daryl Newcombe / CTV News)
London, Ont. councillors expressed a willingness tonight to forgive a loan to the Palace Theatre in the Old East Village Tuesday evening.
In 2015, a $100,000 interest-free loan was provided by council to repair the historic theatre after it suffered significant water damage.
Repayment was paused for the last two years, but tonight politicians agreed that forgiving the remaining $79,000 would help the theatre recover from the pandemic.
Council will make a final decision in two weeks.
“I can forgive this loan today, but this was on top of some other repairs that had been necessitated and saw some investment. We can’t continue to invest I. This building, there must be a plan for long term sustainability," said Coun. Shawn Lewis.
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