December 22, 2009
NDC Orchestrates Financing for Rochester’s Revitalized Eastman Theatre Building
Rochester, NY – Financing is complete on a New Markets Tax Credits investment that made possible the renovation and expansion of the Eastman Theatre Building at the University of Rochester’s Eastman School of Music. The renovated performance hall at Eastman Theatre in the heart of downtown Rochester debuted October 8 with a gala evening of music by the Rochester Philharmonic Orchestra.
As this $80 million project got under way, it became clear that it required an infusion of additional funds if the dream of a new and improved Eastman Theatre complex was to become a reality. That’s when the University of Rochester and the City of Rochester sought the expertise of NDC (The City of Rochester is an NDC client community).
NDC developed a financing structure utilizing New Markets Tax Credits (NMTC). Dudley Ventures, an investment and advisory services firm, brought together three NMTC allocatees that provided a share of its tax credits to the project: HEDC-New Markets, Inc.; the Community Reinvestment Fund (CRF), and Seedco Financial’s Empowerment Reinvestment Fund (ERF). Together, the combined allocation of $39 million in New Markets Tax Credits attracted the investment of JP Morgan Chase, which provided approximately $11.4 million of equity towards the project.
The project preserves the Italian Renaissance grandeur of the building’s performance hall, re-named Kodak Hall, while ushering in 21st century improvements, including a state-of-the-art acoustics and sound system, and reconfigured seating. Still under construction is an addition with a 222 seat recital hall, atrium, rehearsal hall, teaching studios and a media control room.
The Eastman School of Music holds more than 700 concerts annually, the vast majority of which are free and open to the public. The renovation and expansion project will make possible an additional 34 to 40 professional performances each year, and increased student/faculty activity and recitals, resulting in increased demand for local services and job creation.
For more information on Kodak Hall at Eastman Theatre: www.esm.rochester.edu/news/print.php?id=574