Bankruptcy Court Authorizes Sale of Jazz Hall to Tulsan Firm: “The Only Game in Town” | Local News
The Jazz Hall of Fame filed for bankruptcy in January after the Tulsa County Industrial Authority filed a lawsuit to evict the organization after failing to pay bills totaling $ 8,474.
TCIA rents Union Depot, at First Street and Cincinnati Avenue, at the Jazz Hall of Fame. The county used $ 4 million of Vision 2025 funds to purchase and renovate the building for use at Jazz Hall.
The Jazz Hall pays $ 1 per year in rent and must cover taxes, appraisal, insurance, and utility costs. The rental agreement would remain unchanged in the terms of the sale to The Jazz Foundation.
Jazz Hall and TCIA have been at odds over rental requirements and late payments for nearly a decade.
In 2012, county officials discussed terminating the Jazz Hall lease after racking up more than $ 30,000 in unpaid electricity bills and thousands more in unpaid appraisals and insurance charges.
Paul Thomas, legal counsel for the US Trustees Office, noted Thursday how the Jazz Hall asset management process “might have gone differently” and praised the parties for resolving the issues. Judge Terrence Michael said he agreed with Thomas’ characterization and praise.
Moriarty said that the Jazz Hall as initially envisioned “cannot continue to exist … so it was essential to bring in someone new who was passionate about Jazz Hall, the corporate infrastructure necessary to maintain it. and the financial means to get it accomplished. “