Wichita City Council members have voted unanimously to approve a financing package that will help with a major renovation project for the historic Orpheum Theatre.
The City will establish a Community Improvement District for the downtown theatre that will set up a two percent sales tax that will be added to the cost of tickets to Orpheum events. The city will issue special assessment bonds up to almost $1.1 million that will be secured by the sales tax revenue. The city will also issue industrial revenue bonds to provide for a sales tax exemption on items purchased for the redevelopment project. The Orpheum will be responsible for paying off the bonds and the costs of issuing the bonds, and it will also pay the city’s annual $2,500 administrative fee for the term of the bonds.
The Orpheum has conducted a capital campaign to fund a $9.5 million project that will include some demolition, rehabilitation of the decorative features of the building, new seating, and upgrades to the electrical and heating/air conditioning systems. The theatre will have to close for a year to make the renovations.
Former Orpheum director Barney Byard said this is an investment, not just in the theatre but in the community. He said the assistance from the city is a commitment to help the theatre get to the next step, and it will determine what the Orpheum will be and how it can best serve the community.
[ Image: rendering of the interior of the Orpheum when the improvements are completed ]
