Durham's arts center earns $400K for city in first eight months

After eight months, the Durham Performing Arts Center has generated $401,706 for the City of Durham, more than four times the first full-year expectations, according to a draft audited financial statement for period ending June 30, 2009.

According to the financial statement released today, the Durham Performing Arts LLC made a profit of $1,004,265, of which 40 percent, or $401,706, is to be shared with the city, which owns the building.

Most of the overall income was generated by ticket sales, rental income, and concessions totaling nearly $7.9 million, with most of the expenses involving stage show costs amounting to more than $5.6 million, according to a news release. Other expenses were administrative related to building operations, including utilities and other operational costs.

During the first year of operation, Nederlander and PFM loaned DPAC about $100,000 to cover pre-opening and marketing expenses of the facility, the release said. That amount will be deducted from the final remittance to the City.