TO: Finance Committee
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Resolution Approving a New Grant and Previous Grant Extension to the Will County Metropolitan Exposition and Auditorium Authority (Rialto Square Theatre)
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BACKGROUND:
The City has been providing annual funding to the Rialto Square Theatre since 1980. The Rialto Square Theatre is a regional destination and economic driver for Joliet’s downtown area. Beginning in 2024, this funding has been a formal capital grant. The purpose of the capital grant is to ensure funds are used to preserve the theatre building and are not eligible for operations.
The Rialto has earmarked the 2024 and 2025 grants toward their $9 million HVAC renovation project. This project has been delayed due to asbestos remediation and coordination needed to schedule the closure of the theatre for the project. The project has been awarded. The theatre is scheduled to be closed from June 2026 through mid-September 2026 to complete the entire HVAC project.
Based on the information above, approval of this resolution will:
• Extend the 2024 capital grant with an expiration date of December 31, 2026
• Approve a 2026 capital grant in the amount of $475,000, changing the payment method to reimbursable from advance fund with an expiration date of December 31, 2026.
The 2026 grant has been included in the 2026 annual budget under Org: 02001000/Object: 548400.
CONCLUSION:
The grant will continue to preserve the Rialto Square Theatre allowing for its continued success as a regional destination and economic driver in Joliet’s downtown area.
RECOMMENDATION:
recommendation
Based on the above, it is recommended that the Mayor and City Council approve a Resolution Approving a Grant to the Will County Metropolitan Exposition and Auditorium Authority (Rialto Square Theatre).
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