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Porchlight to renovate historic Ace Theater; county to convey properties and provide $500,000 forgivable loan
Summary
A project development agreement would convey county parcels to Porchlight, which will renovate the historic Ace Theater; the county would lease the theater back as a community center and provide a $500,000 forgivable loan as an incentive, with a purchase option available after year six.
The Mobile County Commission conference included a proposed project development agreement with Porchlight under which Porchlight would acquire two properties at 503 and 505 Congress Street and the county would convey two county-owned properties at 501 and 507 Congress Street. Porchlight would renovate the historic Ace Theater, and once renovations are complete the county would lease the theater from Porchlight for use as a community center, cultural arts and event…
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