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Davenport begins process to buy back historic theater

Posted January 23, 2015 10:00 pm

The Associated Press

DAVENPORT, Iowa (AP) - Davenport is looking to buy back the historic Adler Theatre from a nonprofit group.

The Quad-City Times reports (http://bit.ly/1D2T4UJ ) the City Council will discuss the repurchase of the art deco-style theater at a meeting Saturday.

The city sold the 1931 theater to the RiverCenter for the Performing Arts in 2007 so the property would be eligible for tax credits that helped finance a $14 million renovation.

Alderman Gene Meeker says the plan was always for the city to eventually buy back the Adler.

Officials had earlier said the cost wouldn't exceed $2.5 million, which would cover the remaining costs of a tax-credit funding plan that paid for stage expansions and other renovations.

Adler Theatre President Lance Willett says the process will take months.

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Information from: Quad-City Times, http://www.qctimes.com

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