LEPAA announces partnership to ensure funding for the completion - FOX34 Lubbock

LEPAA announces partnership to ensure funding for the completion of Buddy Holly Hall

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Rendering of Buddy Holly Hall Rendering of Buddy Holly Hall
LUBBOCK, Texas -

After hitting a fundraising standstill for Buddy Holly Hall, the Lubbock Entertainment and Performing Arts Association announced a partnership Thursday afternoon with 10 banks and three title companies in West Texas to help reach its $150 million goal. 

"We have 10 local banks who have come together to provide a bridged-financing package for us to get through now to the end of construction, which is really exciting. I mean, it's almost unprecedented," LEPAA Board Chairman Tim Collins said. 

Collins said this deal creates a financial safety net for the hall.

"We have a ways to go in terms of fundraising, but we knew from the beginning that we would also have a need for financing, so this finance package that has come together just over the last couple of weeks is going to ensure that we get to complete construction, on schedule and on time, and give us time to keep raising money," Collins said. 

Barry Ballinger, president of Plains Capital Bank, said this deal is a team effort. 

"We were excited about the opportunity when they came to us to say: We think we can be part of that solution for you," Ballinger said. 

Collins said he hopes this removes all doubt about the venue being completed on time. 

"There's been some questions over the last few weeks of would we have to stop or something like that, and certainly we needed to put it out to the public so they would understand we never intended to stop, and we're certainly not going to be stopping. So we're looking forward to spring 2020 and a grand opening," Collins said.

Ballinger added he believes this partnership across the board is a reflection of why Lubbock's future is bright.

"We're all just a bunch of individuals, but when we collectively put our skills or our resources together, there's not a whole lot that we can't accomplish, and I think that's exactly what we saw here today: A huge facility, a portion of which needed to be financed, and were able to get that accomplished," Ballinger said.

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