A long-term lease with the Indiana Repertory Theatre (IRT) was announced by Mayor Joe Hogsett on Thursday, securing its presence in downtown Indianapolis for the next decade, according to a press release.
“For decades, the Indiana Repertory Theatre has provided both children and adults with the unique opportunity to experience arts and culture in one of our city’s great venues,” said Mayor Hogsett. “Today’s announcement is a win-win – saving millions for taxpayers and ensuring that this historic landmark will celebrate its hundredth birthday as a working stage.”
IRT’s new lease for the building has a 10-year term, with an option for the IRT to renew for an additional 10-year period. The contract specifies that the IRT will now be responsible for their share of common area maintenance and routine upkeep, which had previously cost the City approximately $250,000 a year.
In addition, the IRT will now be responsible for day-to-day management of their building space, which had also previously been a city obligation. Total cost savings to taxpayers over the initial term of the lease will be approximately $2.5 million.
In addition to theatre programming, each year IRT serves over 16,000 children from Marion County with educational opportunities including student matinees, youth theatre classes, in-school academic lessons and more.
The Indiana Theatre was built in 1927 as the Paramount Publix Theatre, and was converted from a movie theater to a playhouse in the late 1970’s. The new agreement includes $4 million of city-funded capital improvements that will be undertaken in the coming years to preserve and protect the building.
In addition to the IRT, the Indiana Theatre is home to the Indiana Roof Ballroom and has retail space available on the lower floor, connected to Claypool Court and Circle Centre Mall.
