By COLE REIF
Great Bend Post
Village Cinema on west 10th Street in Great Bend showed its last movie in April 2013. Less than two months later, construction finished on a new movie theater at the corner of Lakin Avenue and Kansas Avenue.
DC Real Estate Holdings is the owner of Golden Belt Cinema 6. Great Bend City Administrator Logan Burns said the industrial revenue bonds, originally issued by the City of Great Bend with an initial amount of $2.5 million, reached their final maturity on Dec. 31, 2023.
"The tenant now has the option to purchase the property from the City of Great Bend," said Burns. "Sarah Steele with Gilmore & Bell, our bond counsel, has drafted a resolution authorizing the sale and conveyance of the property located at 1222 Kansas to DC Real Estate Holdings, LLC."
Chad Somers with DC Real Estate Holdings wrote to the city that DC Real Estate would like to exercise their option to purchase the project. The city council approved the resolution to execute a special warranty deed, bill of sale and release of the lease.
Prior to completion of the 17,000-square-foot theater with six screens, the council approved the creation of a Community Improvement District (CID). The CID imposes a two-cent sales tax on all of the movie theater’s retail sales. The sales tax remains in effect for 22 years after the opening date in May 2013.