News

Elizabeth City Council Helps In-Demand Business

February 16, 2018

Based on city projections, the multiplex will be assessed about $1 million in city and county property taxes over the next 10 years. Under the BIP agreement, the city and county would rebate about $545,000 of that amount to Albemarle Theaters. That means the theater should generate about $460,000 in net property tax revenue, plus sales tax revenues, for the city and county. Councilors Johnnie Walton and Anita Hummer both praised the theater project for promising to bring a good amenity to Elizabeth City — and for being developed by a local businessman. “I can’t wait until the ribbon-cutting, because I want to be there,” Walton said. “Any time a hometown person wants to put money out there to make the community better, there’s no way we can hold that up.” Hummer similarly commented, “This is something that’s been needed for a long time, and it’s going to keep money in Elizabeth City” because people will catch first-run movies here instead of in Virginia.

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