Redevelopment Association honors Alameda Theatre
ALAMEDA, CA — The Alameda Theatre has won an award from the California Redevelopment Association for the steps it took to reopen and put itself in a position to be successful.
In order to make the original single-screen theater economically feasible, the city approved plans that created the adjoining smaller screens and a contiguous parking structure. These new screens are the economic engine that drives the new theater complex, providing today’s moviegoers with the variety they expect in a movie theater experience. The 341-stall garage offers convenient parking not only for the theater, but for the nearby Park Street Business District.
The city contributed $21.7 million in tax increment bond proceeds and $1.7 million in parking revenues to a project that had a final tab of $36.4 million. A Housing and Urban Development Section 108 loan for $7.2 million and $5.8 million of private investments paid for the balance of the project.
Read the full story in the Alameda Sun.
(Thanks to celestialspirit13 for providing the photo.)