According to the Verona Press, the city of Verona has committed $750,000 for improvements to the former New Century School site at 401 W. Verona Ave., which nonprofit Art House 360 will transform into a “multicultural center for the arts.” The historic site has been vacant for three years.
Alders discussed a potential Tax Incremental Finance (TIF) and lease agreement during a Jan. 8 Common Council meeting. Art House 360 has already secured significant funding and is prepared to launch the project; however, necessary improvements — including environmental remediation and compliance with the Americans with Disabilities Act — must be made before the nonprofit can occupy the building.
Art House 360 has committed to undertake all current renovations at the city-owned building with the help of $750,000 in TIF funding approved by alders. The maintenance required is estimated to cost $789,759. Ongoing maintenance of the building would be supported by Art House 360’s establishment of an escrow fund. In return, the nonprofit is seeking nominal rent.
