Capitol Theatre Owner Says He’ll Submit Renovation Funding Plan by Deadline
The owner of the Capitol Theatre in downtown Flint says he'll submit a renovation funding plan by the state's deadline.
According to MLive, owner Troy Farah will turn over the plan to the Michigan State Housing Development Authority by February 14th. A potential $500,000 grant from the MSHDA is tied to Farah's ability to raise $9.5 million for the project. A previous deadline for funding for the project had been extended.
MLive says Farah declined to discuss details of the proposal for raising the funds bu siad he has "identified our potential sources and are in the process of (those) hopefully being finalized."
The MSHDA previously identified some of the sources as $2 million from the Charles Stewart Mott Foundation, $2 million in federal historic tax credits, $2 million in New Market tax credits, $2.5 million from the Michigan Economic Development Corporation, $1 million form Uptown Reinvestment Corp. and the $500,000 from the MSHDA. Farah would also invest an undisclosed amount on top of the $10 million. He says he sees the restoration of the Capitol Theatre as a "tipping point catalyst" for downtown with the potential to be "the Fox Theater of Flint."
The Capitol Theatre was built in 1928 and is home to a 2,000 seat, 25,000 square foot theater.