A Florida businessman and former Rochelle resident has closed on the purchase of 2 buildings in the downtown area of the Hub City.
Mike McCarty wants to redevelop the Hub Theater as a performaning arts center and renovate the building in the 400 block of 4th Avenue. The 1st floor would be for restaurants while the 2nd floor will have offices and the 3rd floor for MCI Corportations, McCarty's company. He plans to have around 50 employees with an average yearly salary of around $50,000.
The purchase price for the Hub Theater was $100,000 while the 4th Avenue building went for $85,000.
McCarty told city officials last month that he wanted his company to be the first to begin changes in the downtown area with the Hub Theater and the 4th Avenue building.
Last month, city officials approved an initial payment of $250,000 in escrow used to purchase the 2 buildings. The escrow balance now is just under $64,590.
City Manager David Plyman said that the branding proposal also involves other changes in the downtown area dealing with a possible plaza and public market. The city is also looking for a TIF District in the area.
The TIF district could be established as early as November of this year.