Wilson asks how the text amendment affects other theaters
Council Member Wilson asks how the text amendment affects other theaters and how many might benefit. Rosenthal says the zoning text applies district-wide, that one other theater has a pending application, and that the tool could help other old theaters raise renovation funds.
Thank you, Chair.
Good morning.
As I said in the remarks, very excited about this project, and I'm really excited to see that the application will make it possible for Studio 54 to undergo some much-needed upgrades.
To what degree do the proposed tax amendments impact other theaters in the district?
And do you have an idea of how many other theaters may benefit from these changes to how the floor area bonus may be used?
The zoning resolution, like in many cases, is not for just one property.
It's a general text for the theater district as a whole.
We know of one other theater that has an application also coming down the pike, but that's all we know right now.
But theoretically, this is a tool that other theaters that are very old can utilize for upgrades.
And it will be another source of their ability to raise funds to do that.