January 29, 2019 Comments Off on TIF Would Support Rehab of 2 North Side Theaters Views: 337 Chicago News, North Side

TIF Would Support Rehab of 2 North Side Theaters

The rehabilitation of two historic North Side venues, the Uptown Theatre and the Congress Theater, would be supported by a total of $23 million in Tax Increment Financing under proposals introduced by the Emanuel administration. Both venues have been closed in recent years.

Jam Productions and Farpoint Development announced plans for a $75-million restoration of the Uptown this past June. Capacity at the 94-year-old theater would be increased to 5,800 as part of the rehabilitation.

Additional city support would include a Class L property tax incentive, and $3 million in Adopt-a-Landmark Funds, which come from bonus fees paid by downtown developers.

The $69.2-million Congress Theater project by New Congress LLC would restore the multi-purpose structure, which opened in 1926, into a 4,500-seat music venue, a 30-room boutique hotel, 14 affordable apartments and 16,000 square feet of retail. A 72-unit residential building would also be built on a vacant lot.

Read more at City of Chicago

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