City Faces Another Choice with Rialto

After an earlier report that VenuWorks presented a plan for managing and maintaining the Rialto Square Theatre (outlined here), more uncertainty has arisen this week. City Manager Jim Hock presented a new plan at Tuesday’s City Council meeting in which he proposed that the City of Joliet, not VenuWorks, buy-out and control the theatre.

Hock proposed that, “The city will sell the office buildings that aren't part of the theater to the private sector, will pay off all the bills the Rialto board has approved for payment but have not paid, and will assume the renovation loan obligation of approximately $2.4 million,” after assuming ownership of the Rialto and its properties. The proposal also included that the city would manage non-concert events and allow for other vendors and specialists to handle concerts and entertainment performances.

The city already owns the baseball stadium, Union Station and the proposed new train station and bus station. This would continue the city’s commitment to revitalizing downtown as a whole, with the new taxing regulations for businesses downtown and the aforementioned building ownerships.

Rialto board member Mary Babich expressed concern with the proposal and asked that VenuWorks be given a chance to succeed with their proposed management plan.

No formal comment or decision has been made regarding which direction the city will go in regards to the theatre.