City may issue $2.5 million line of credit for Pantages improvements

An ordinance on the Dec. 6 agenda for first reading would have the City issue a limited tax general obligation line of credit note for $2.5 million for renovations and improvements at the Pantages Theater. The City has agreed to fund $1.3 million of the $5 million renovation project that is scheduled to be completed in 2006, with the fundraising efforts of the Broadway Center for the Performing Arts (BCPA) paying for the remainder of the project. The BCPA has raised more than $4.2 million to date, including the $1.3 million commitment from the City. The line of credit note would ensure that funds are available at the time of construction.