COVINGTON — Marquee lights will shine again at the Madison Theater, which will be helping downtown Covington ring in the New Year with its re-opening Dec. 31.

        For $35, patrons can attend the Madison's New Year's Eve “screening party” and tour the restored 90-year-old theater at 730 Madison Ave.

The Madison reopens as a place to enjoy live entertainment downtown after a $3 million restoration. (Patrick Reddy photo) | ZOOM |

        The theater's rebirth as an entertainment venue caps a 10-year resurrection that began with a threat of demolition.

        The theater originally opened in 1912, was renovated in the early 1940s, again in 1946 after a fire, and was shut in 1975.

        The city had planned to demolish it when Esther Johnson, president of Classic Properties Inc., a historical renovation company in Covington, bought the theater for $1 in 1989.

        Now that it is reopening, Covington mayor Butch Callery said he's glad it will contribute to the development of the city's dowtown.

        He remembers the theater from his youth.

        “It was a good place to take a date when you were in high school,” he said. “You could go to the Madison and then to Lilly's for a soda.”

INCENTIVES

Covington is using loans, grants and tax credits in an effort to attract investment and tenants to the Madison Avenue business district. Here are some of the programs in place:    • Small-business loans. Available for working capital, inventory, equipment purchases and building improvements. The maximum amount is $25,000 and applicants must either create new jobs, increase the city's tax base or eliminate blight.    • Commercial low-interest loans. Designed to encourage substantial rehabilitation of buildings in the business districts, including downtown and Madison Avenue. Maximum amount is $50,000, but generally loans are made for 15 percent of the rehabilitation cost. The interest rate is below market rates with the loan payable in 10 to 15 years, though the city has been offering the loans on a short-term basis, often payable within a year. With the money being paid back in a year, the cash is available for other projects.    • Tax credits. Two credits are available: A 20 percent credit of the cost of rehabilitating historic buildings; or 10 percent of the rehab costs for nonhistoric buildings built before 1936. The tax credits provide a reduction in income taxes.    • Grants. Federal funds are available through the Community Development Block Grant program. The projects must benefit low- and moderate-income citizens or eliminate blight. They are used mainly for residential development.    Source: City of Covington

        The renovation cost nearly $3 million, said Classic Properties spokesman John Stafford. The money came from a $1.5 million Small Business Administration loan, a $150,000 loan from the city of Covington, and Mrs. Johnson's personal investment.

        Classic Properties restored the theater in a design style used in Cincinnati's Omni Netherland downtown and in New York's Chrysler building.

        The Madison's lobby features brushed aluminum and tile. The ceiling is black iron and plaster. And the main floor features a hand-laid compass rose.

        New amenities at the 1,100-seat structure include a fiber-optic marquee and a $165,000 sound system.

        The historic building has a main level, a balcony, a mezzanine, two dance floors and three bars. It will be used for live concerts and banquets.

        “It's going to be the premier live venue in the area,” said Mr. Stafford. “There's no sense in people driving all the way to Columbus or Lexington when they can do the same thing here.”

        Bookings for 2002 are not solidified, he said, but he expects to feature nationally famous and regional talent.

        Though the theater seats 1,100, the Dec. 31 party is limited to 400. Rock-and-blues band Wayne Young & The Youngsters will headline and Razzberry's restaurant will cater.

        The Madison's official grand opening is scheduled for January.

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