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Mobile County approves development deal with Porchlight, including $500,000 forgivable loan for Ace Theater renovation
Summary
Mobile County Commissioners on April 28 approved a project development agreement with Porchlight that transfers several downtown properties to the developer, obligates the county to lease the renovated Ace Theater for nearly 20 years and commits the county to a $500,000 forgivable loan upon execution of the lease.
Mobile County Commissioners on April 28 approved a project development agreement with Porchlight that transfers multiple downtown properties to the developer, provides a 19-year, 11-month county lease for a renovated Ace Theater and commits the county to a $500,000 forgivable loan once the lease is executed. The vote was moved and seconded during the regular commission meeting.
The agreement calls for Porchlight to acquire the properties at 503 and 505 Concord Street and for the county to convey property at 501 and 507 Conquer Street to Porchlight. Porchlight will renovate the historic Ace Theater and, when renovations are finished,…
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