The Colorado Ballet has agreed to a plan that will repay the city of Denver the $591,000 in debt it has accrued while performing in the Buell Theatre and Ellie Caulkins Opera House in the Denver Performing Arts Complex.
On Friday, Colorado Ballet paid the city $350,000. The $241,000 balance will be converted into an interest-free unsecured loan from Denver’s Division of Theatres & Arenas payable on Dec. 31, 2007.
Payment will be accepted either in cash or free tickets that would be distributed to Denver schoolchildren through the Mayor’s Office for Education and Children, Urban Peak and the Denver Public Schools.
“This settlement means the city will receive a substantial cash payment equal to more than half of the ballet’s long-term debt,” said theaters and arenas chief Jack Finlaw. “The ticket distribution option will be a catalyst for expanding the audience of Colorado Ballet through increased outreach to diverse communities.”
