JOLIET – The Rialto Square Theatre board Wednesday approved a separation agreement that will give General Manager Randy Green three months pay.
The decision is expected to cost the cash-strapped Rialto about $35,000.
But Rialto attorney David Silverman recommended the deal, saying the alternative could be up to $40,000 in legal costs in a court fight if Green sued. Silverman also said if Green won in court a judge could force the Rialto to pay the eight months remaining on Green's contract.
Green was put on paid leave March 21 after Rialto board members learned that months of payroll taxes were not being paid.
The financial problems at the theater have led to Joliet Mayor Bob O'Dekirk saying this week that he believed the Rialto was close to shutting down.
But Rialto board Chairman Dan Vera at the end of the Wednesday meeting expressed confidence in the future and said the position of general manager will be posted as soon as possible.
"I believe without a doubt, now that we're going forward, our best days are ahead of us," Vera said.
Also at the meeting, James Smith, the longest serving member of the Rialto board, announced that he will resign as of June. Smith, a former board chairman, said he had been contemplating leaving the board for about a year. He will mark 20 years on the Rialto board in June.