Tuesday, April 12, 2016

News From Along Route 66, March 2016: Joliet's Troubled Rialto Square Theatre

From the March 30, 2016, Chicago Tribune "Joliet council looks at ways to aid Rialto Square" by Alicia Fabbre.

Famous downtown Joliet landmark and Route 66 icon Rialto Square Theatre is in another financial jam.  City council members have directed the city manager to come up with an intergovernmental agreement between the city and the Will County Metropolitan Exposition and Auditorium Authority board, which oversees the theater.

The agreement will include funding to cover past-due federal income tax withholding payments.  Council members are discussing fronting part of the city's annual subsidy to the Rialto to cover those past-due payroll taxes.

The theater has a long history of financial struggles, with this just being the latest.  Federal income tax withholding payments totaling more than $120,000 were not paid from November to February.  Financial records also show the theater also owes about $400,000 to vendors and other debtors and has only about $70,000 cash on hand.

Let's Hope They Get This All Straightened Out As This Is One Beautiful Place.  --RoadDog

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