Ramova Theater in Bridgeport to Receive TIF Support

Lawndale News Chicago's Bilingual Newspaper - Business

Lawndale News Chicago's Bilingual Newspaper - Business

By: Ashmar Mandou

Bridgeport’s long-vacant Ramova Theater would be rehabilitated as part of a $22.9 million entertainment and dining complex through a financial proposal introduced to City Council Wednesday by Mayor Lori Lightfoot. Closed to the public since 1985, the 90-year-old, City-owned structure 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 Street, hosting concerts and other live events for up to 1,600 patrons.

“This is an exciting step forward for the Bridgeport community and the entire cultural life of our city,” said Mayor Lightfoot. “The Ramova Theatre will once again become the beating heart of Bridgeport as it helps fuel its local economy and write a new chapter in the history of the South Side.” 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, with the principal and remaining interest to be forgiven at the conclusion of the 10-year-term, provided all annual compliance requirements are met. “Bridgeport residents have been eager to see the Ramova restored for decades,” Ald. Patrick Daley Thompson (11th) said. “This is a true public-private partnership that will bring entertainment, jobs and investment to a critical stretch of the Halsted commercial corridor.”

The redevelopment project would also include a new 5,000-square-foot brewery and 4,000-square-foot restaurant in adjacent buildings. The project would create 80 permanent and approximately 110 temporary construction jobs. The TIF assistance would be provided following project completion and be subject to ongoing occupancy, employment, and other requirements for at least 10 years.

Comments are closed.