Grove Arcade can’t pay its debt to the city

The Grove Arcade is struggling to make payments on renovation debts to city, despite nearly $1 million received per year in rents, the city of Asheville’s Planning and Economic Development Committee learned today at its May 18 meeting. City Council member Jan Davis said that the city would, in his opinion, have to help the Arcade with its debt. The committee passed the decision on to City Council.

Asheville City Council

Reorganizing the Grove Arcade’s financial structure — necessary to take advantage of new tax laws — touched off a lengthy battle during the Asheville City Council’s Dec. 14 work session. Aaron Zaretsky, executive director of the Grove Arcade Public Market Foundation, told City Council that the foundation is in final negotiations with a corporation that […]