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CINCINNATI - After months of debate, a lease of the historic Music Hall in Over-the-Rhine is finally a done deal.
Cincinnati City Council voted unanimously Wednesday afternoon to approve a 75-year lease for the structure. The nonprofit Music Hall Revitalization Co. will assume daily operations and oversee a multi-year renovation.
The lease calls for the firm to pay the city $1 per year in rent.
Additionally, Music Hall Revitalization Co. must raise at least $50 million in private donations by July 2015 to help renovate the facility.
In return, the city of Cincinnati will commit another $10 million toward the project.
Under the current plan, renovations would occur between 2016 and 2019.
The nonprofit group will partner with the Cincinnati Center City Development Corp. (3CDC) to complete the project. Overall, the groups will oversee $95 million in renovations.
Music Hall was built in 1878 at a cost of $447,300.
The building serves as the home for the Cincinnati Symphony Orchestra, Cincinnati Opera and the Cincinnati Pops.
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