Monday, September 25, 2017

With Positive Modifications Aztec Project Moves Forward

At the city council meeting tonight the Aztec Theater project moved forward, only after some modifications to the agreement.

Councilmembers Eric Jenkins and Stephanie Meyer were instrumental in getting some changes put into the agreement which would reduce the city's financial participation and protect that participation.

The city's investment is reduced by 50% and the ownership is to work to double their portion through other investors, community funding, and if needed their own resources.  There was a modification on how much the city would pay if the property was put up for sale so that the city would not be buying back its own share on a right of first refusal.  Additionally if that was not exercised, the city would receive its funding back if sold to another party (all within the first five years).  There will also be provisions placed into the agreement that would protect the city in case the ownership filed bankruptcy.

With the modifications that these two councilmembers got included the project is now, IMHO, a viable endeavor.

This now appears to be a project that all in Shawnee can be proud of.