NEW BEDFORD — The Zeiterion Theater is one step closer to getting the renovations it needs to survive for decades to come. On Thursday, the Massachusetts State Senate approved legislation filed by Senator Mark Montigny that would allow the city of New Bedford to enter into a 99-year lease with Zeiterion Theater Inc.
The long-term lease will allow the organization to apply for historic and new market tax credits and municipal and state bonds, according to Executive Director Rosemary Gill.
The organization needs these tax credits and bonds as a part of their $18 million capital improvement campaign to renovate the theater, which opened in 1923.
“It’s a step that’s needed in order for us to apply for historic and new market tax credits which are a significant portion of the funds for the project,” Gill said of the Senate passing the legislation.
“This is just further momentum for the project which has had steady momentum and which is very encouraging,” Gill added.
There are a few hurdles left however, the legislation still has to pass the House.
A press release from Montigny’s office said he, “is now spearheading the legislation in the state legislature and working with the local legislative delegation, including representatives Antonio Cabral, Chris Hendricks, Chris Markey, and Paul Schmid to ensure passage.”
If it passes the house, the Zeiterion will be able to enter into negotiations with the city for the lease, Gill said, and then they are hoping to apply for the tax credits in April.
“This is a very tight deadline oriented project and each piece has to fall into place in order to get to the next step,” Gill said.
http://www.nbedc.org/wp/wp-content/uploads/2020/03/LOGO_2020a.png00adminhttp://www.nbedc.org/wp/wp-content/uploads/2020/03/LOGO_2020a.pngadmin2019-09-10 14:29:162019-09-10 14:29:16Zeiterion one step closer to getting 99-year lease
1213 Purchase Street
New Bedford, MA 02740