[Durham INC] DPAC 2012 Financial Results Released

[Blalock, Amy]

CITY OF DURHAM

Office of Public Affairs

101 City Hall Plaza

Durham, NC 27701

 

 

News Release

 

News Media Contact:

Beverly B. Thompson

Director

(919) 560-4123 x 11229

(919) 475-2362 (cell)

Beverly.Thompson at DurhamNC.gov 

http://Facebook.com/CityofDurhamNC 

http://Twitter.com/CityofDurhamNC    

 

For Immediate Release:  August 23, 2012

 

 

DPAC 2012 Financial Results Released

 

DURHAM, N.C. - The City of Durham has released 2012 financial results
for the Durham Performing Arts Center (DPAC), showing the City earned
$1.8 million, according to the preliminary, unaudited financial
statement for the period ending June 30. The City owns the facility,
which is managed by PFM/Nederlander, operators of the performing arts
and entertainment facilities in America and worldwide.

 

According to the preliminary statement, Durham Performing Arts LLC
generated a net income of a little more than $4.5 million, of which,
pursuant to the operating agreement with the City, 40 percent, or about
$1.8 million will be distributed to the City. The income will go into
the City's DPAC Fund, used for debt service, maintenance, building
improvements and other possible revenue shortfalls, including naming
rights and hotel/motel occupancy tax.

 

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