MMCDC had the pleasure of financing an expansion of the Capri Theater, a North Minneapolis landmark since its construction in 1927.
The expansion included renovation of the 250-seat main auditorium and supporting areas, and added a smaller event and performance hall as well as a Best Buy Tech Center for teens, classrooms and an outdoor plaza. The effort found widespread community support, from the mayor’s office to major foundations to many private individuals, and was led by the theater owner, Plymouth Christian Youth Center.
PCYC has been a provider of numerous community programs via the Capri, including the Legends music series, Camp Capri, Capri Glee! community choir, Capri After School Theater, and more. PCYC typically serves more than 4,000 people annually.
MMCDC provided below-market financing for the project to help leadership reach its goal of creating up to seven new jobs as part of a 19,500 square-foot addition and renovation. A Twin Cities bank contributed similar below-market financing toward the project.
At the time of financing, the community demonstrated significant need, including a 47.20 percent poverty rate and incomes of 35.29 percent of statewide median family income.
