City and owners of Madison Theater looking for proposals to renovate building
The owners of the historic Madison Theater in downtown Peoria and city officials are looking for those interested in renovating the run-down building. The two are issuing requests for interest and qualifications to rehab the theater, and for potential new construction on the adjacent city-owned parking lot.
The Madison Theater originally opened as a silent movie theater in 1920. It then served as a concert venue from 1996 until its closing in 2002. The theater has been part of the National Register of Historic Places since 1980.
City officials say various incentives are available for the renovation and possible new construction site. That includes tax increment financing, state and federal historic tax credits, and an exemption on sales taxes for building materials.
Interested firms should provide a project concept, financial framework, and the qualifications of the team. A selection committee made up of city personnel and the Comfort family will narrow the list of interested parties to up to three finalists who will be able to give a full developmental proposal. Statements of interest are due to the city by 4:00 p.m., December 20th.