The Levoy Theatre

The Levoy Theatre Restoration Financing Package Explained
January 9, 2010
Be sure to click on the embedded links to learn more about the various funders and programs

Building a state-of-the-art theater is no small task. Just as the bricks and mortar are important elements, so too are the finances. There are a number of financial institutions involved along with our City and County.

First and foremost is the City of Millville. Through various sources they have contributed substantial assets to the restoration fund. The bulk of the city contribution originated with Urban Enterprise Zone funds. One of the Urban Enterprise Zone's (UEZ) programs allows merchants within zone boundaries to charge patrons half of the regular 7% New Jersey State Sales Tax. The incentive of paying half of the state sales tax spurs purchasing activity. The accumulated 3.5% sales tax is then distributed to the local municipality for economic development and similar worthy projects. Thanks to the UEZ program, The city of Millville was able to allocate $4,000,000.00 to the Levoy project.

Cumberland County was also a major supporter of the Levoy fund-raising effort. Through the CCIA, (Cumberland County Improvement Authority) Millville received an interest-only forgivable loan of $1,000,000. These funds were generated by the Improvement Authority through the operation of the County Landfill and related recycling operations. With an emphasis on renewable resources, conservation and energy efficiency this loan will assure that the construction and design of the Levoy are mindful of Green Initiatives and conservation.

Sun National Bank has partnered with the New Jersey Economic Development Authority to lend $1,600,000.00 as a construction loan to become permanent when completed. The EDA and the city of Millville will jointly guarantee a portion of this loan.

JP Morgan Chase Bank has allocated funds based upon a Federal New Market Tax Credit plan in the amount of $1,950,000.00 to this project. These funds together with the City and County funds and Levoy fund-raising efforts will result in the creation of a development fund that will finance the primary construction of the Levoy.

The finance plan has many additional components with professionals from many sources participating. Together with Millville City officials and the Levoy Board of Directors your theater will soon be a reality and a source of pride for everyone in the community.