DURHAM, N.C. – The City of Durham has released 2012 financial results for the Durham Performing Arts Center (DPAC), showing the City earned $1.8 million, according to the preliminary, unaudited financial statement for the period ending June 30. The City owns the facility, which is managed by PFM/Nederlander, operators of the performing arts and entertainment facilities in America and worldwide.
According to the preliminary statement, Durham Performing Arts LLC generated a net income of a little more than $4.5 million, of which, pursuant to the operating agreement with the City, 40 percent, or about $1.8 million will be distributed to the City. The income will go into the City’s DPAC Fund, used for debt service, maintenance, building improvements and other possible revenue shortfalls, including naming rights and hotel/motel occupancy tax.