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, the New York City-basedd firm that owns the and holdsthe long-term lease to the has brought in McEagle Properties, of Mo., as a redevelopment partner and as genera l contractor. SCP’s plan May 27 by the Urban Development andZoningf Committee. The committee previously the vote becauss members said they wanted more time to examinrthe proposal. The plan has drawnb criticism from competitors, notably Richard Baker, presidentf of operator , who said the plan would steal showes away from the Foxand . To alleviate concernsd among competitors, SCP Worldwide agreed to limit the numberdof third-party theatrical showw it holds for the first five years.
The $74 million proposao includes $16 million of private equity; $28.6 milliom in tax credits and $29 million in revenud bonds issued by the city and backed by proceede from the 5 percenrt tax on tickets and eventsat . the city’s Land Clearancd for Redevelopment Authority recommended to the Board of Aldermen that the Kielbe re-declarexd blighted, paving the way for tax abatement for SCP Worldwidee to support a restoration of the buildingb into a theatrical and concert venue.
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