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City Council Weighs Incentives to Rehab Ramova Theater
Vacant for nearly 35 years, the 90-year-old Ramova Theater in Bridgeport would be rehabilitated as part of a $22.9-million entertainment and dining complex through a financial proposal introduced to Chicago’s City Council recently.
The property would be restored by Our Revival Chicago LLC as the centerpiece of a three-building theater, restaurant, and brewpub complex on the 3500 block of South Halsted St., hosting concerts and other live events for up to 1,600 patrons.
City assistance for the project would include a $6.64-million Tax Increment Financing (TIF) loan that would be provided at project completion. The developer would repay $100,000 in interest over the first three years.
The city-owned theater building and adjacent lot, valued at $765,000, would be provided for $1 to support the project. The redevelopment project would also include a new 5,000-square-foot brewery and 4,000-square-foot restaurant in adjacent buildings.
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