The historic Wall Street theater will receive more aid to support its ongoing renovation.
"We're really bullish on this part of Norwalk," said Sen. Bob Duff.
State senator Bob Duff joined the mayor and executives of Connecticut Light and Power (CL&P) outside the theatre to announce the utility has agreed to purchase the theater's $1.8 million in state historic tax credits to support its ongoing renovations.
"Some people like to just knock down old buildings," said Sen. Bob Duff. "We know that when you have old buildings, they help bring about economic activity, dollars into your area. People like old buildings, they like when things are restored."
"We have bought credits that have helped communities throughout the entire state to revitalize these types of neighborhoods that could use just a little bit of extra help," said CL&P President Bill Herdegen.
Formerly known as the Globe Theater, the re-named Wall Street Theatre is a century old cultural landmark, which has remained dormant for nearly a decade.
"Because of Connecticut Light and Power, we have the ability to restore 100-year-old murals that we uncovered in the theatre that I think most people who would be in our position would understand that we would like to do, but the finances wouldn't be able to do it, but now we can do that," said Wall Street Theater Company President Frank Farricker.
"As we start to move forward with some of these developments that will encourage other developments," said Rilling.
The tax credits will be offered through the state Department of Economic & Community Development's office of Culture and Tourism, with a projected value of approximately $1.81 million. Resale of credits is a common practice among many recipients.
"The state of Connecticut offers these tax credits, Connecticut light and power buys them, and they're able to move them to various projects around the state, which are extremely important to us, especially in Norwalk," said Duff.
The Wall Street theatre project is expected to be completed in March of next year. The state has provided a $1.5 million grant toward a total estimated project cost of $7.8 million.