Palace Theater renovation underway with interest-free line of credit from IDA Hamburg | Local company
Construction is underway for renovations to Hamburg’s historic Palace Theater, after the Hamburg Industrial Development Agency backed a $ 215,000 interest-free line of credit to fund the effort.
Renovations by owner Jay Ruof will include a new roof and HVAC upgrades for the 95-year-old movie theater, as well as the relocation of the bathrooms and the snack bar. The project is expected to be completed by July.
âWe expect higher turnout because people have pent-up demand for our experience,â Ruof said in a statement. “These upgrades will ensure our customers have a safe and enjoyable experience.”
Ruof has been working on the renovation of the historic theater for several years, but has struggled to find sufficient funds. He was approved in 2019 for a $ 225,000 state matching grant under the New York Main Street program, but first had to find $ 75,000 on his own.
Then the Covid-19 pandemic struck, draining his business and causing a cash shortage. IDA therefore intervened with the line of credit from the Land Development Corp. of the agency, which will be reimbursed through state subsidies as the renovations progress.
âWe are thrilled to have the opportunity to support one of our city’s greatest assets,â said Sean Doyle, Executive Director of Hamburg IDA. “This is another great example of the positive impact of Hamburg IDA in our community.”
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