RBTL Deal With Medley: Cheaper, Better Timing
By: Caroline Tucker
Updated: November 20, 2012
East Irondequoit School District Deputy Superintendent John Abbott says the Monroe County Industrial Development Agency'saction to extend milestones on the Medley Centre tax agreement or PILOT program is unlawful.
The agency voted on the measure today.
It comes a day after the East Irondequoit School Board voted to penalize developer Scott Congel for allegedly failing to meet a $90 million dollar payment due in April.
At the same time, the Rochester Broadway Theatre League says it's come up with a plan along with Congel to build it's new 3,000 seat performing arts centre.
The centre would go into the Medley Centre complex and the developer would spent $45 million to build it.
RBTL would be the tenant.
Also, RBTL would also get $2.5 million to cover the debt RBTL owes on the Auditorium Theatre.
The money would also allow for renovations to the Auditorium.
The plan is to have both spaces for performances.
"This site is really a far superior site to any that exists in the northeast," said Arnie Rothschild, Board Chairman for the RBTL.
When asked about the financial problems of Congel.
Rothschild said his company has made numerous successful investments and says he believes that this is a deal that can work.
"I recognize substantial difficulty in trying to fund any deal of any kind, including a mortgage, in the period of time when he acquired that mall lenders just were not lending am I confident that these folks have the where withall that scott and his partner ...I am supremely confident," said Rothschild.
The other option was to build a theatre at Midtown in downtown.
A space was even planned out for it.
But it would cost $70 million dollars and RBTL would need to find $15 million in private funding.
Rothschild said if construction begins in the Spring a theatre could be built by 2015.
