[Durham INC] DPAC 2013 Financial Results Released

[Blalock, Amy]

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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<mailto:Beverly.Thompson at DurhamNC.gov>
http://Facebook.com/CityofDurhamNC
http://Twitter.com/CityofDurhamNC


For Immediate Release:  October 10, 2013


DPAC 2013 Financial Results Released

DURHAM, N.C. - The City of Durham has released 2013 financial results for the Durham Performing Arts Center (DPAC), showing the City earned $1.3 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 $3.3 million, of which, pursuant to the operating agreement with the City, 40 percent, or about $1.3 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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