LANSING — State Representative Phil Phelps (D-Flushing) announced today that the Michigan Strategic Fund has approved an incentive for the restoration of the Capitol Theatre in downtown Flint.
“Restoring the Capitol Theatre property will give a huge boost to downtown Flint and encourage Flint residents and people from other communities to come downtown to take advantage of what we have to offer,” said Phelps. “The combination of newly restored beautiful theatre and more office space will also help create more jobs.”
The finished project will include a 1,800-seat community theatre and more than 21,000 square feet of office space. The theatre is expected to draw between 60,000 and 80,000 patrons per year. The project is expected to generate a total capital investment of more than $31 million resulting in a $5.5 million Michigan Community Revitalization Program performance-based equity investment. The project will also receive a $500,000 grant from the Michigan State Housing Development Authority, an expected $3.7 million federal Historic Tax Equity, and grants and donations from foundations, organizations and individuals.
“I look forward to seeing the Capitol Theatre restored to its former historic glory, and seeing other downtown Flint businesses also reap the benefits of having more people coming downtown.”