September 26, 2007
Stage is set for Hanover Theater
By Cory Hopkins
The Hanover Theater for the Performing Arts secured the final portions of its financing Wednesday with help from the Massachusetts Development Finance Agency and the Massachusetts Housing Investment Corporation.
Thanks to $15.85 million in federal New Market Tax Credits secured in part by MHIC, a $4 million construction loan from Commonwealth National Bank and MassDevelopment, the sale of $4.65 million worth of state tax credits to National Grid and Boston Private Bank and roughly $7.5 million in institutional fundraising efforts, the theater has secured all of the $30.5 million necessary to complete the renovation project on Southbridge Street, said Craig Blais, executive vice president of the Worcester Business Development Corporation, consultants to the project.
Blais was quick to point out that the theater is still in the midst of a fundraising campaign, with a goal of $5.5 million to help pay down the construction loan and other guaranteed portions of the financing packages.
The theater, already under construction, is set to open in February of 2008.
"The money finally caught up," Blais said. "It's been a long time coming."
The project, which will redevelop the former Loews Poli Palace Theater, will be overseen by the nonprofit Worcester Center for the Performing Arts Inc.
Thanks to $15.85 million in federal New Market Tax Credits secured in part by MHIC, a $4 million construction loan from Commonwealth National Bank and MassDevelopment, the sale of $4.65 million worth of state tax credits to National Grid and Boston Private Bank and roughly $7.5 million in institutional fundraising efforts, the theater has secured all of the $30.5 million necessary to complete the renovation project on Southbridge Street, said Craig Blais, executive vice president of the Worcester Business Development Corporation, consultants to the project.
Blais was quick to point out that the theater is still in the midst of a fundraising campaign, with a goal of $5.5 million to help pay down the construction loan and other guaranteed portions of the financing packages.
The theater, already under construction, is set to open in February of 2008.
"The money finally caught up," Blais said. "It's been a long time coming."
The project, which will redevelop the former Loews Poli Palace Theater, will be overseen by the nonprofit Worcester Center for the Performing Arts Inc.
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