Steve Harrison adds a further breakdown of the June revenue figures for France Family Convention Center Annex. Turns out the 27,617 visitors spun off $509,754 from ticket sales and $175,732 in additional revenue. And let’s not forget this:
The city also took out a $21.5 million loan from Bank of America and Wachovia backed by the sale of corporate sponsorships for the hall. The hall also has to pay back an additional $5 million to the city, with the money also coming from the sale of sponsorships.
The hall so far gotten 10 corporate sponsors — NASCAR Performance Group, Lowe’s, Mars, Belk, Food Lion, Sunoco, Bank of America, Wachovia, Coke and Panasonic — which have committed $4.5 million total.
If the city can’t pay off the loan, the banks have no way get their money back.
In other words, is the Hall in default to the city on the $5m. it owes? Is the Hall in default to its private lenders? How would we know?
