TIF Approved for Northwest Side Theater Renovations
The recently rehabilitated Logan Theatre building in Logan Square will be supported with $1 million in Tax Increment Financing (TIF) assistance under a plan approved by City Council today.
The funds will partially reimburse the building’s owner, 2650 Milwaukee LLC, for the $5.6 million renovation of the theater and eight adjacent storefronts at 2636-56 N. Milwaukee Ave.
“The Logan Theater is more than a cultural venue. It’s also a community anchor,” Mayor Rahm Emanuel said. “The assistance will help the building fulfill both of these important roles for many years to come.”
Completed this summer, the rehabilitation project involved the replacement of 900 theater seats, the installation of four new projection screens, lobby upgrades, new storefront windows, and new decorative lighting. The building’s vertical marquee was also-re-illuminated as part of the project.
As a result of the City’s financial assistance, 20 percent of the building’s 18 upper-floor apartments will be leased to residents earning up to 60 percent of area median income.
The mixed-use building originally opened in 1915 as the single-screen Paramount Theatre. The rehabilitation work uncovered many original surfaces and decorations, including marble walls and a decorative relief panel in the lobby.
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