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Uptown Theater Renovation Gets Nod on Incentives
Chicago’s Landmarks Commission has voted to recommend Class L property tax incentives to the joint venture planning to redevelop the Uptown Theater, dark for the past 37 years, into a venue for live concerts and other events. The JV between Chicago-based Jam Productions and Farpoint Development announced its $75-million plan this past June.
The Chicago Tribune reported that the JV would save $2.2 million in property taxes if the City Council approves the incentives. The Uptown restoration will rely on public and private financing sources, including $13 million in city tax increment financing and $30 million in equity and conventional financing.
The Uptown was the world’s largest theater building at its 1925 opening. “Opportunities to restore architectural gems like the Uptown are rare,” Farpoint’s Scott Goodman said in June. “To be able to do it in a diverse and flourishing neighborhood like Uptown makes it that much more exciting.”
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