Music Hall Negotiates Revamp

Officials in Cincinnati have approved a long-term agreement to lease the city’s historic Music Hall to a nonprofit group that’s planning a major renovation of the building.

Under the terms of the deal, Music Hall Revitalization Co. will be tasked with raising more than $16 million for the project from donors by summer 2015. In exchange, the group will score a sweet deal on a 75-year lease at $1 per year.

The group has partnered for the renovation with nonprofit developer 3CDC, which will serve as project manager for the massive undertaking, according to the Cincinnati Enquirer.

“The contract provides for 3CDC to manage the project with the understanding that there will be an open relationship between 3CDC, Music Hall Renovation Co. and the resident arts groups,” Music Hall Revitalization Co. President Otto Budig told the paper. “It’s imperative that we make certain the resident companies are satisfied, not only with the progress, but with the evolvement of the plan as we have it visualized.”

Work on the 135-year-old building is expected to cost $95 million.

“We need a full two years to raise this money,” Budig added. “And we have agreed that when we do, construction will begin in 2016.”

The city has agreed to kick in $10 million toward improvements to the building.