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La Grange board members worried about $1 million payment
posted by
danpetitpas
on
November 20, 2008 at 7:46 am
LA GRANGE, IL — Not everyone was happy in La Grange when the Village President broke a tied vote to provide $1 million for the renovation of theLa Grange Theatre.
One of the town’s board members said she’s had sleepless nights since the vote to give the four-screen theater the money. However the president thinks it will serve as an entertainment magnet to draw people to nearby shops and restaurants
Technically, the village is purchasing an easement on the facade to preserve it in perpetuity. If the theater ceases to operate, the owners are required to buy back the easement.
The owners have already invested $350,000 and has promised another $650,000 to finish the renovations in 12 to 18 months starting in 2009. The local business association has pledged $50,000 to help replace the marquee.
Read more in Suburban Life.
Comments (2)
That’s not the way facade easements are supposed to work, you’re not supposed to buy them back
What state is the building in now? It sounds half torn apart.