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City of Lincoln Uses TIF for New Theater

Updated: Friday, July 18 2014, 04:06 PM CDT
LINCOLN --

The City of Lincoln unanimously approved a tax increment finance application. The approval allows the city to invest in a 2.3 million dollar bond to expand what is currently known as the Lincoln Theater Four.


It was built in 1923...


And now the Lincoln Theater Four is preparing for a big expansion project.


The plan includes a new building which will attach to the original theater. Six new screens will be added, while two will be removed from the Lincoln.


The funding would not have been possible without the help of the Tax Increment Finance district the city established just last year.


"This is our first big project, so we're just tickled to death. David's going to expand the theater and that we can be a part of helping him finance that, but also contribute towards a great project that we think is going to be a great catalyst for the revitalization of downtown," said Mayor Keith Snyder.


Two buildings stand between an empty lot and all will be used to establish a new entertainment corner.


The developer says since both buildings are historical, he plans to preserve them and incorporate them into the new building which will be placed in between.


"We've been very conscientious to make sure that the fa├žade and the look and feel of the theater makes sense for the period," said developer David Lanterman. "When Lincoln's kind of grand prime time... When it was most prosperous was from the 1890s to the 1920s... So we're kind of shooting for that time frame."


The city hopes by integrating the new theater it will provide economic growth while catering to a younger crowd whether they be residents or those just visiting from out of town.


Out of that 2.3 million dollars invested... 300,000 of that will be used for street-scaping so it matches with the new theater.


They plan to have the groundbreaking sometime in August and hope to complete the entire project by 2015.

City of Lincoln Uses TIF for New Theater


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