Center in the Square working to secure renovation loan

By: Ashley Roberts | WSLS
Published: July 21, 2010

ROANOKE - Center in the Square president, Jim Sears, doesn't hide his excitement about the renovation project.

It will include rooftop gardens, a butterfly habitat and a massive coral reef aquarium.

The list goes on and on.

Planning is easy but starting is another story.

The center needs a $24 million loan.

So far, the paperwork has yet to be signed.

"A loan has not been secured," said Sears. "A loan has not been promised. A loan has been considered by five banks working together to make a $24 million loan."

Sears tells WSLS that he's 99% sure the funding will come through. He says the banks have been very cooperative and helpful.

He expects to start renovations no later than January 2011.

He says the earliest start date would be in October.

But, Sears says, worst case scenario, if the loan doesn't happen he will explore other options.

Sears says that could delay the project at least three months. "It's a timing issue. Will the loan come within 60 days, 90, 120 days?"

Sears says it's taking longer because of the economy and lengthy paperwork. "It takes a lot of effort, time to get together documents to give to banks to justify the loan."

Sears says the center is also responsible for raising some of the money for the project. They've already raised a little over $7 million, but still need to raise about $2 million.

"Hopefully we'll be able to announce in two months, three months that all the financing is in place. You can never be 100% sure until you have it on paper, in hand and signed."

For now, Sears is waiting on a commitment, but says when renovations are finished it will be a state of the art facility.

Sears says he hopes to be finished with the renovations by January 2013, but says it could be earlier.