Kirkwood Performing Arts Center faces high operating losses and debt service costs
1 report, 1 independent
Updated Mon 00:00
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What happened
The Kirkwood Performing Arts Center, which was built using electric department funds for downtown redevelopment, is facing financial strain. The center costs the city about $1.3 million annually in debt service payments on borrowed funds. Annual operating losses have averaged over $224,000, which is several times higher than the $75,000 anticipated by consultants.
From timesnewspapers.com
Why it matters
The high debt service payments and operating losses place a significant long-term financial burden on Kirkwood. The center is also connected to Kirkwood Electric, which is currently under scrutiny, adding to the city's financial pressures.
From timesnewspapers.com
Who's involved
- KirkwoodThe town that borrowed funds for the center and now bears the debt service and operating losses.
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The entities involved
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Kirkwood
town in Broome County, New York, United States
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