City to gather more information on Madison Theater ideas

By Audrey Wise

January 9, 2014 Updated Jan 9, 2014 at 9:20 PM CDT

PEORIA, Ill -- Two groups interested in renovating and restoring the Madison Theater in Peoria will talk to city officials about their ideas next week.

To offset costs to renovate the historic downtown theater, leaders are also looking to sell a city-owned parking lot next to it for new construction.

Assistant City Manager Chris Setti said the two interested groups are local and he believes they would have the assets to make the project work.

Neither has been specific about a business plan though.

"Whether one of these developers could find a different use for that space other than a theater, that's okay too. I mean I would love for it to be a theater, but I think the whole point is to preserve the building," said Setti.

Meanwhile, Peoria at-large city councilman Chuck Weaver said, "Some of the ideas I saw did include some theater-type activities in that site."

Setti said the next step will be a formal proposal from the companies and that includes financing.

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