The Indiana Repertory Theatre has signed a long-term lease extension with the city of Indianapolis. Mayor Joe Hogsett’s office says the deal will save taxpayers $2.5 million over 10 years.
The terms of the contract state the IRT will be "responsible for their share of the common area maintenance and routine upkeep," which had cost the city about $250,000 each year. The IRT will also be responsible for day-to-day management of the building space, which had previously been the city’s obligation.
Hogsett’s office says the savings to taxpayers over the 10-year term will be approximately $2.5 million.
"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 Hogsett. "(The) announcement is a win-win – saving millions for taxpayers and ensuring that this historic landmark will celebrate its hundredth birthday as a working stage."
The IRT will have an option to renew the lease for an additional 10-year period. The deal also includes $4 million of capital improvement projects for the building, which will be funded by the city.