A Visionary Downtown Specific Plan
When the City of Vallejo contacted Triad Communities to help them develop a visionary Downtown Specific Plan, the restoration of the Empress Theatre was a key element. Active performing arts centers have a ripple effect on surrounding businesses, and Triad was committed to helping Vallejo realize its dream of making the Empress the genesis of its own rebirth.
In 2006, Triad began the process of restoring the Empress Theatre. Originally budgeted for $4.7 million, the project was funded by a unique public/private partnership with the City of Vallejo, Empress Theatre Associates LLC (the entity created by Triad Communities to renovate the Empress Theatre), and the Vallejo Community Arts Foundation (VCAF).
As the project unfolded and more details of the earthquake damage and other details became apparent, the budget subsequently grew by nearly $2 million, all of it funded by Triad, out of its own pocket.
New Market Tax Credits
In June 2007, Triad received approval through the National Development Council for federal New Market Tax Credits, to offset about $900,000 of its investment. When the tax credit program expires, Triad will present the theatre as its gift to the City of Vallejo. In the meantime, the Vallejo Community Arts Foundation (VCAF) will operate and manage the restored Empress Theatre as a performance venue supporting live music, dance, film, and other arts programs.