City Council members were told Tuesday that the Tivoli Foundation is thriving, but still needs city help for the full five-year term that was promised.
Two former city administrators, Nick Wilkinson and Brent Goldberg, made presentations about the non-profit group that took over operation of the Tivoli Theatre and Soldiers and Sailors Memorial Auditorium.
They said the Tivoli marquee is lighted up most nights with high-quality touring shows and musical events.
In 2016, the foundation generated $3.8 million.
It was up to $4.8 million for the current fiscal year.
The foundation netted a $250,000 profit the first year and it should be above $1 million this year, the council was told.
It has been utilizing the city contribution to cover $340,000 for utilities and for making overdue repairs, it was stated.
The city committed to provide $1 million per year to help the foundation get on its feet, phasing down to $500,000 the fifth year.
Councilman Chip Henderson asked, since the foundation is doing so well, could the city phase down the payments earlier.
Mr. Goldberg said the city funding will continue to be needed. Without it, he said the group might hand the keys to the Auditorium back to the city.
The repairs include $238,000 to reroof the Tivoli and $80,000 for plaster restoration. Chairs were replaced in the orchestra pit.
Mr. Wilkinson said the group has formed a Friends of the Tivoli fundraising group, raising $81,000 in the first month.
He said the foundation still has a ways to go, noting that the theater at Knoxville is bringing in a $4 million profit per year.