Wednesday, June 23, 1999
Restoration nears for Emery Theatre
UC expected to OK lease agreement
BY DANA DiFILIPPO
The Cincinnati Enquirer
Supporters of the Emery Theatre in Over-the-Rhine inched closer to launching a three-year, $20 million preservation project Tuesdayafter trustees at the University of Cincinnati, which owns the site, agreed to negotiate a lease with them.
Preservationists aim to restore the 88-year-old theater at 1112 Walnut St. and develop market-rate housing next door in the former College of Applied Science building.
UC administrators are expected to finalize a contract next month, and trustees probably will ratify it when they next meet in September.
“We're very proud and pleased about this,” said Stuart Fabe, executive director of the Emery Theatre Corp., which is leading the project. “We've been working very, very diligently.”
The group's funding plan for the 62-unit apartment building includes $2.8 million from UC, a $5.5 million construction loan from the Cin cinnati Development Fund, a $2.65 million first mortgage from the development fund, a $1 million second mortgage from the Cincinnati Equity Fund and a $1.5 million third mortgage from the city.
UC administrators wanted the group to produce $2 million in matching money before they delivered UC's portion. Mr. Fabe announced Tuesday that his group has raised $2.23 million.
The housing renovation will cost $9.6 million, while the Emery restoration is expected to cost $10 million to $12 million. Planners hope to complete the project by 2003.
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