More financial details needed before council considers forgiving loan to Palace Theatre
The Palace Theatre remains financially ‘solid’ according to its board chair, despite being closed for most of the pandemic, and seeking forgiveness of a loan from City Hall.
“We are solid, we are secure. We have just completed our annual audit and it had a positive outcome,” Chair Kelli Gough tells CTV News.
In 2015, a $100,000 interest-free loan was provided by council to repair the historic theatre after it suffered significant water damage.
Monthly payments are $417, but have been deferred by council since April 2020.
As the theatre begins to reopen after a year and a half of pandemic dormancy, a political push is underway to forgive the remaining $78,750.
Gough says the financial relief would aid reopening, “We have urgent needs (with) the building, it would also potentially enable us to hire some staff to help us because during the COVID (pandemic) we had to dismiss all of our staff.”
At Tuesday’s council meeting, Ward 4’s Jesse Helmer expressed frustration when colleagues suggested getting more information during budget deliberations later this year.
“They’ve been shut for almost two years. they don’t have a lot of money to pay us back, this would really help them. That’s the business case,” asserted Helmer.
Council referred the issue to civic administration for more financial details ahead of an upcoming Strategic Priorities and Policy Committee meeting.
The Palace Theatre was also given another 180-day extension to its loan repayments
“We’re blessed in London to have a really dynamic arts and entertainment sector,” says Councillor Steve Lehman two days later.
Lehman says he was hesitant to forgive the loan without more detailed financial information.
“It’s important for me to see in this case, more financial information than we had at that time,” he says.
Terms of the interest-free loan include the Palace Theatre providing its financial statements to city hall by September 30 each year.
The city treasurer says she has not yet received those documents.
Gough says the documents are expected to be approved at a board meeting this week, and then submitted to city hall.
CTVNews.ca Top Stories
Pedestrian, baby injured after stroller struck and dragged by vehicle in Squamish, B.C.
Police say a baby and a pedestrian suffered non-life-threatening injuries after a vehicle struck a baby stroller and dragged it for two blocks before stopping in Squamish, B.C.
Senate expenses climbed to $7.2 million in 2023, up nearly 30%
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
RCMP uncovers alleged plot by 2 Montreal men to illegally sell drones, equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Government agrees to US$138.7M settlement over FBI's botching of Larry Nassar assault allegations
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
BREAKING Canucks goalie Thatcher Demko won't play in Game 2
The Vancouver Canucks will be without all-star goalie Thatcher Demko when they face the Nashville Predators in Game 2 of their first-round playoff series.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.