Colony Theatre gets a boost
That boost is in the form of a tax credit which Brawley said would cover around 25 percent of the cost of the project. Initially there was some controversy over whether the theater would get the tax credit, but the Theater Association received word on Thursday that they had been approved.
The Ohio Department of Development has reconsidered, and now historical tax credits are being offered for the Colony Theatre project, said Rep. Jennifer Garrison, D-Marietta.
Its hard to say how big of a deal this is, Brawley said. This could be the difference between moving forward on the entire scope of the project. We think we can take this on in a single construction cycle.
Brawley projects that if everything goes smoothly, they will be able to start construction within six months.
Development of the theater will be great for local businesses, restaurants and hotels, Garrison added. Im thrilled to have been able to be a part of this effort.
So far the Colony Theater association has raised approximately $2 million, roughly half of which has
Brawley said they need to get another $1 million through private donations.
If we want a Broadway caliber theater, I think we would need another million, he said. From here every dollar we would raise privately we would get another 50 cents through the tax credit. If we raise all the money we need to raise it would go from being worth $1 million to $1.5 million.
Under the terms of the tax credit, the Colony Theater Association has to find a business to partner with. The business would receive the tax credit, and the theater would get 90 cents of every dollar of that credit.
Instead of paying tax money to the state or the federal government, it would be forwarded to us, Brawley said. They would pay us 90 percent of the money they would normally pay in taxes.
The Colony Theater Association will hold a press conference at 3 p.m. today where Brawley will announce their scripted plans for the project.
Colony Theater funding forecast:
¯ Construction funds spent: $812,000.
¯ New construction costs: $4,699,859.
¯ Through grants, pledges and other public funds: $2,000,000.
¯ New Market Tax Credit: $800,000.
¯ Federal Historic Tax Credit: $1,000,000.
¯ State Historic Tax Credit: $1,100,000.
¯ Balance needed to finish the project: $1,000,000.
Notice: Undefined index: HTTP_REFERER in /home/fbx/colonytheatre.com/lib/modules/m_news.php on line 18
Back to news index <