The Port Chester Industrial Development Agency says that it has closed on an agreement with Capitol Enterprises Inc. to support the $2.2 million renovation of the 1,835-seat .
Within the agreement, the agency has appointed Capitol Enterprises to lead the extensive planned renovations, which will be exempt from sales and use taxes that would otherwise be collected for materials and equipment purchased or leased as part of the renovations.
The deal saves about $110,000 on the project.
The1926 landmark Capitol Theater at 149 Westchester Avenue, which has had limited use over the past decades, will be getting a “state of the art” sound system to boost a planned program schedule of musical performances Thursday through Saturday throughout the year. Capitol Enterprises looks to complete all improvements in time to open by mid- to late-summer, according to the IDA.
“As a natural destination facility within the Village, the Capitol Theater will serve as an anchor for downtown redevelopment and economic multiplier for our growing retail and entertainment businesses,” said Port Chester Mayor Dennis Pilla, who is also on the seven-member IDA board.
IDA Vice-Chairman Joseph Kenner the limited amount of assistance from the IDA, estimated at around $110,000, will help to generate numerous construction jobs and a combined estimate of 58 full- and part-time jobs.
“This project can serve as a model for other job-creating development projects here, giving Port Chester an edge in attracting new businesses or helping existing businesses expand,” said Kenner, who also Port Chester’s deputy mayor.
Other recent IDA projects have included assistance for the $22 million Restaurant Depot project on South Regent Street and the $17 million refinancing and renovation of Kingsport Apartments, according to IDA Chairman Neil Pagano.