SIOUX CITY (KTIV) – The Sioux City City Council approved an extension to a development agreement loan for the renovation of a historic building in downtown Sioux City on Monday night.
The economic development loan is $350,000.
The Sioux City City Council tonight approved an extension of one year to pay it back.
That extension is meant to allow Lamb Arts to acquire the historic Auditorium Building at 625 Douglas Street, and launch a fundraising campaign to repay the loan.
Due to the complexity of restoring the more than 100-year-old building, Lamb Arts asked for the one-year extension.
The co-founder of LAMB says it will be a different experience than the Orpheum.
“Our main theater will be anywhere from 250, 275 seats,” said Russell Wooley, LAMB Arts Regional Theater Managing Artistic Director. “The studio theater will be 140, to 150 seats- in a much more intimate, a much more vibrant space.”
Council members believe LAMB Theater is taking over a monumental task by redeveloping the historic building.
“It just takes time to jump through all of the hoops,” said Dan Moore, Sioux City Mayor Pro Tem. “Everything that they have to do to do a complete remodel of it. So what I’m excited about is they’ve started their fundraising efforts, they’re on plan, on task with what they need to accomplish.”
LAMB has also received a $250,000 grant from the Gilchrist Foundation, and a $100,000 grant from Missouri River Historical Development, which will be used to begin the process of removing asbestos in Mid-November.