Разработчик покинул проект театра Encore в Эльмхерсте из-за роста затрат и проблем с финансированием

Politics & Government Developer Struggled To Make Elmhurst Theater Project Happen: Emails The company pulled out earlier this year. It was concerned about rising costs and the design. ELMHURST, IL – A developer expressed concerns to Elmhurst officials before withdrawing from a downtown theater project earlier this year. In March, Minneapolis-based Ryan Companies withdrew from its partnership with the board for the Encore Center for Performing Arts. Encore hopes to build a 550-seat theater and a 185-unit apartment building in the 100 block of West First Street. In a March 2025 email, Ryan executive Olga Olejniczak told city officials that she had spoken with the Encore group about the project's rising costs and design concerns. "We also discussed the need to align on a PR strategy and advised that they will need to provide fundraising transparency moving forward," Olejniczak said. Support These Local Businesses + Get My Business Found As part of the project, Encore plans to seek money through a downtown special tax increment financing district, or TIF. City officials, including Mayor Scott Levin, have expressed openness to the idea. At the time, Olejniczak said her company had planned to turn in a TIF application within two to three months. 'Not been favorable' In a June interview, Mark George, Encore's president, said Ryan could not reach an agreement with the city on the money it could receive from the tax district. Such a district is where growth in property tax income over 23 years is reinvested in the district itself. The idea is that the increased tax income would reimburse the district for subsidies. In a September 2025 email to the city, Olejniczak cited "real" budget constraints and the city's "inability to capture increment beyond our parcel." She said the only viable option would be to find an equity partner willing to accept a lower return. "Our capital markets team has been reaching out to potential investors, but initial feedback has unfortunately not been favorable," Olejniczak said. She said her company had warned Encore that it may terminate their agreement if it cannot find a "financially feasible" path forward. "(W)e cannot justify further pursuit costs without clarity on a workable TIF strategy," Olejniczak said. 'A lot of listening' In a recent email, George, who started in the spring as Encore's president, said his group's new development partner has been "extraordinarily receptive" as Encore has shared residents' feedback. He did not name the partner. "For the past several months, EPCA has done a lot of listening," George said. "The feedback we have received has been helpful and made us even more excited about our goal, to create a premier cultural destination that attracts world-class artists, expands access to the performing arts, and fuels economic vitality in our community." In response to an inquiry, the city's spokesperson, Michael Queroz, referred Patch to a page on its website about tax districts. On that page, Mayor Levin wrote a letter endorsing the idea of such districts. The result, he said, is redeveloped areas that make the city more vibrant and more desirable to visit. Olejniczak did not return a message for comment. Her company is responsible for major Elmhurst projects, including the Vyne on Haven apartment complex. Resident objections According to Encore's study, the project's yearly economic impact would be $8.2 million. The center is expected to bring $692,000 a year in taxes on sales, food, beverages and hotels. Of that, $202,000 would directly benefit the city of Elmhurst, the study said. Some residents have spoken out against the project during City Council meetings. They object to the proliferation of tall downtown apartment buildings, as well as traffic and related issues. Encore has held resident meetings. Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.