$845,000 may spur renovation of Holly Theatre
By Damian Mann | Published by Ashland Daily Tidings
Posted March 30, 2013
Medford, OR — A potential $2.6 million investment could kick-start a major renovation of the Holly Theatre by late summer or early fall.
Randy Bobst-McKay, newly hired executive director of Jefferson Live!, said the theater already has received a firm pledge of $845,000.
Approval for the remainder of the money appears likely, though not completely certain, Bobst-McKay told the Medford Urban Renewal Agency board Thursday.
“We are close to securing the money needed for restoration,” he said. “This project will go very quickly.”
The money is coming from three different state and federal tax-credit programs in which wealthy investors or corporations invest in projects related to historic preservation or improving blighted areas.
In exchange, the investors receive a tax write-off. Jefferson Live! doesn’t have to repay the money.
If Jefferson Live! receives all the money from the tax-credit programs, an additional $800,000 in local donations will be needed over a three-year period to complete the restoration work, estimated to cost in excess of $3 million. (Click here to read more.)
Find out more about the Holly Theatre online.