Wednesday, October 29, 2008

Uptown Theatre Buyer Gets More Time

From Chicago Real Estate Daily:
Over the objections of a city attorney, a Cook County judge on Monday gave the Jam Productions Ltd. venture that bought the Uptown Theatre in July more time to negotiate with the city before determining whether Jam must comply with a previous court order that requires the theater’s owner to put $5 million into an escrow account. City attorney Judith Fryland argued in court that now was the best time to obtain that money to ensure the development at 4816 N. Broadway takes place. The escrow money would go back to the developer as the project is completed. An attorney for Jam, Patrick Thompson of DLA Piper, said the $5-million requirement would “thwart” the development, which is projected to cost about $40 million. Mr. Thompson also told Judge Daniel Lynch that Jam is meeting with the city’s planning department next month for further discussions on a development plan that could include city subsidies as well as state and federal funding. The escrow dispute is to go before Judge Lynch again in January.

11 comments:

  1. that is a very cool old picture. I wish there were a bigger version.

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  2. Well if they have the money to develop it and want to, I am sure any bank won't mind the 5M in escrow.

    I am skeptical they really intend on rehabbing it unless they get tax payers/tiff funds pay for it.

    I would rather see it torn down than my taxes have to pay for it if someone with the money doesn't buy it to restore it.

    I still think Oprah should buy it/restore it and that could could be here gift to Chicago. She could also set up a non profit entity to do it.

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  3. I would gladly have my tax dollars go to restoring the Uptown Theater. That would definitely be a revenue generator for the area, unlike much of Wilson Yard!Thankfully I am not in the WY TIF district (missed it by 1 block).

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  4. I'd rather have some TIF $ going towards rehabbing the Uptown than towards building a flippin' parking garage next to a run down L stop; or, housing.

    Wasn't that the initial intent of TIFs anyway?

    Regardless - get the darned thing remodeled, already!

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  5. "Regardless - get the darned thing remodeled, already!"

    Keep dreamin', bub.

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  6. JAM probably wants to get commitments on funding from the TIF out of the city before going to the banks to get the loans necessary for the project and tying up their own 5M.

    Given the cost and complexity of the project ahead of them I can't say that I blame them for the delay, especially in today's economic climate.

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  7. wait for it, dear neighbors, as Our Fair City scrambles under more pressure than usual from a judge to cobble together a deal in which we, the taxpayers, will assume the preponderance of the risk

    not that our generosity will be reflected in what Jam charges us for tix

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  8. Good ole Judge Lynch, love him to death but he was never fond of enforcing his own orders.

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  9. I might be talking out of my something but I think if the Uptown theater was a viable theater someone would have come along a long time ago and done something with it.

    Is it too big? Is the cost to rehab more than they will ever get back?

    Is JAM the right people to do it?

    I would like to see it rehabbed as well and I won't mind TIF funds being used.

    I guess what upsets me is all these people in Uptown that are so called business people or developers can't pull off a decent project on schedule.

    If Illitch would have bought it they would get it done. They did it with the Fox Theater in Detroit and it is a viable awesome place a showcase. At one time they were interested in the Uptown to re-do.

    It seems JAM is more talk than serious if you ask me.

    Was the 5 million request a surprise to them? I don't think so

    They will spend more money on lawyers than actually doing the project.

    Next

    Get someone to get'er done.

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  10. if the Uptown theater was a viable theater someone would have come along a long time ago and done something with it.

    Using that logic, then no building should ever be restored. After all, if it was worth restoring, someone would have already done it!

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  11. Andy G. -- Theatre Historical Society owns the rights to the photo; you can order an 8x10 of it from them. I think it's still $25.00, including postage. It was featured on Compass Rose, along with another historic image of the Uptown, and the original information on how to get a copy is still posted there.

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