CINCINNATI, OH (FOX19) - Cincinnati's Planning Commission has approved proposed Music Hall lease terms that will now go before City Council and Music Hall's Revitalization Co. Board for final approval.
City Council is expected to vote on the lease in just over a week.
"We stand on the shoulders of people who have provided us this building and we want to make absolutely certain that those who come after us will see a renovated structure that will continue to enhance the arts in the community," Otto Budig, president of the Music Hall Revitalization Company, stated following the vote.
According to city documents the lease must still be finalized, but the key terms were laid out in the recommendation put before the commission.
The lease term is for 75 years and requires the Music Hall Revitalization Company to "continuously" use the building as a "first-class performing arts and entertainment facility".
Under the lease, the tenant is forbidden from changing the name of the building without the City's consent.
Rent will be $1.00 per year and MHRC will be responsible for all taxes, insurance, maintenance, repairs and other operating expenses. The City will, however, give up to $200,000 in both 2013 and 2014 to pay for capital repairs, and improvements. The city will also pay MHRC the $100,000 a year it currently pays to help with operating expenses as required in the existing 1973 agreement.
According to Budig, 3CDC has agreed to manage the project. A fundraising organization will also be developed for full-time fundraising
Budig says a number of board members and trustees have committed several million dollars to the project as a fundraising jumpstart.
The project was reduced in scope to $95 million from former plans for a $165 million dollar renovation.
Construction is not slated to begin until June of 2016.
The MHRC Board will meet on the 8th to vote on the lease.
City Council is expected to vote on the lease on April 15th.