CINCINNATI, OH (FOX19) - A company is looking to lease the 134-year-old Music Hall from the City of Cincinnati.
The Music Revitalization Company (MHRC) submitted a proposal to the city on Friday, looking to lease the hall for 99 years.
The proposed agreement would allow MHRC to begin a $165 million project, in effort to restore the Cincinnati landmark. According to MHRC, the venue is in need of serious attention, including updates on the electrical, plumbing, fire suppression, air conditioning and heating systems.
The companies that perform in Music Hall, such as the Cincinnati Ballet, Cincinnati Opera and the Cincinnati Symphony and Pops Orchestras, are all in support of this proposed long-term lease agreement between MHRC and the City of Cincinnati.
The lease would be a public-private partnership, with $10 million coming from the City of Cincinnati.
The University of Cincinnati Economics study released last month revealed that the proposed restoration could have "a considerable impact on the Greater Cincinnati regional economy." Specifically, it could create 2,996 jobs and raise over $2.7 million in tax revenues.
The study also found the project could have a total economic impact of $353 million for the Greater Cincinnati area.
The MHRC is a non-profit group made up of community leaders, dedicated to preserving Music Hall for future generations.