Raleigh extends symphony's lease

Posted June 30, 2008 11:31 a.m. EDT
Updated June 30, 2008 1:52 p.m. EDT

— The North Carolina Symphony will continue to call Raleigh home through 2030, Mayor Charles Meeker announced Monday.

The symphony and the city agreed to a deal that would keep the musicians' home base at Meymandi Concert Hall in the Progress Energy Center.

The symphony’s business offices were housed in the lower floor of Raleigh Memorial Auditorium. In exchange for the symphony moving these offices and freeing up this valuable square footage for city use, the City is doubling its annual financial support of the symphony to $200,000.

The City of Raleigh began special funding to the North Carolina Symphony in 1997, giving $50,000 annually through 2003. In 2004, the annual support was doubled to $100,000.

Last year, the symphony performed 76 of 175 concerts in Raleigh. The symphony estimates that its $13 million budget has a total economic impact of $34 million.

Given that 43 percent of its concerts are given in Raleigh, it is estimated that these 76 performances have an economic impact of $14.7 million on the Capital City.