The report is in and Park Theatre is structurally sound.
McMinnville officials were given the good news Tuesday night after agreeing to pay up to $7,500 last month for the study.
“We do have that report back,” said city administrator David Rutherford. “The structure is sound.”
An analysis of the structural integrity of the Park Theatre was ordered last month when talking about options to help Park Theatre Group with renovating the building after city officials were informed one had yet to be done.
According to numbers given last month, an additional $94,000 will be needed to generate bid documents. Complete renovation costs are projected to be $1.5 million, with an additional $500,000 for furniture, fixtures and architectural fees.
Borrowing $2 million, the city has two options for funding: 20-year bonds or 12-year capital outlay notes. The annual payment on capital outlay notes would be larger than on the bonds.
Rutherford says he has had discussions with Park Theatre Group members and they want to go with bonds, as they project $100,000 could be paid annually with operating revenue. Anything over $100,000 may not be possible.
Park Theatre Group has $50,000 in hand, $30,000 in money verbally committed, and $150,000 from the city of McMinnville/ Industrial Development Board donation it can use to make operating costs.
Officials did not discuss the analysis and have not agreed to move forward with renovation.