Theater Foundation Asks For Bailout

From Times Dispatch article:

The organization that oversees Richmond CenterStage and the Altria Theater is asking the city of Richmond for $1.75 million to a pay a tax bill it never expected.
Richmond Performing Arts Center, the public-private partnership behind both renovation projects, created a for-profit company called RPAC Inc. in order to take advantage of historic tax credits for the renovation work.
But the organization and the city apparently overlooked or misinterpreted a law that requires for-profit companies to pay real estate taxes on leasehold interests in publicly owned properties that would otherwise be exempt from taxation.

“What I can’t understand is how one might think that they wouldn’t be required to pay real estate taxes from a private, for-profit entity,” said Agelasto, 5th District. “It seems to me that somebody got advice that didn’t quite mirror to what the federal law was.”

See earlier posts on this subject here, here, and here.

One thought on “Theater Foundation Asks For Bailout

  1. Actually the best quote from the article:

    Activist Art Burton referenced that increase Thursday when he commented on the proposal before the council.
    “I remember clearly the debate around the penny tax dedicated to the renovation of CenterStage and the impact that it had on poor people in this city who disproportionately eat out or eat prepared foods,” Burton said. “I just find it interesting how we could so readily support the Carpenter Center and CenterStage as being these absolutely necessary public assets. We’re here today hesitating over dedicating a similar revenue stream for public education and maintenance of schools.”

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